Official says basis of Canada-US deal reached

Official says basis of Canada-US deal reached

Experts were still pouring over the massive trade agreement on Monday, reached between Canada, the United States and Mexico after a year of tense negotiation.

Under NAFTA, Xie explained, many Mexican products sold in the USA market were the result of packaging cheap components imported from elsewhere, such as China.

US President Donald Trump is claiming a win over an eleventh hour trade deal with Canada which he has labeled the "most important trade deal we've made".

"There were holes in NAFTA that were damaging to the US industry", said Xie, noting that cheap parts from China allowed Mexican products to be sold for reduced prices, thus undermining competition with USA goods.

The comments came the day after Trump publicly said that the U.S. negotiators "don't like their representative very much".

The replacement to the longstanding NAFTA has been inspired by changes in each member state's economies, sectors, and relative outputs over the past 24 years, with USMCA hailed as an "agreement for the 21st Century" by US Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland.

"Obviously, China is a significant, growing player on global trade. And this agreement appears to have some positive things in it", said Jim Holte, president of the Wisconsin Farm Bureau Federation.

The Canadian dollar hit a four-month high against the US greenback, and investors raised bets for as many as four additional interest rate increases from the Bank of Canada by the end of 2019.




"I'm always leery at predictions of all of the sudden a Niagara Falls shows up next to Lordstown and starts spitting cash out", Hill said.

After more than a year of hard negotiations, the agreement - now including Mexico and Canada - will be sent to Congress Monday.

"USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region", they said in a joint statement. The deal is likely to come into force by 2020, as it will have to be approved by Congress which will vote while it is in session next year.

Rose also sees significance in the fact USA comes first, M for Mexico second and C for Canada last. "I think it'll pass easily, really easily, because it's a great deal", he said.

That said, farmers who initially protested when the previous Conservative government agreed to open up the market slightly in deals with the European Union and Pacific nations backed off when Ottawa made clear they would be compensated.

Democrats were more circumspect. "But in terms of rights and obligations, it doesn't impose any obligation on Canada not to negotiate an agreement with anybody".

The deal also raised the percentage of automobiles that must be made in North America in order to enter the US duty-free and raised the bar for respect of USA intellectual property, Marshall said. "They may be willing to do that for political purposes", he said.

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