NAFTA 2.0 Is Just the Next Step of Trump's Trade Wars

NAFTA 2.0 Is Just the Next Step of Trump's Trade Wars

The pact, if approved by Congress, will raise the percentage of a car's content that must be built within the trade bloc to 75 per cent from 62.5 per cent if it is to qualify for duty-free status.

USA drug companies will also now be able to sell products in Canada for 10 years before facing competition from generics, up from eight years. That also comes with the possible tradeoff of higher costs for users of the drugs.

The federal government has said compensation will be available for those affected in the dairy sector by the deal, but nothing has been said about compensation for the steel industry. And I know they can't open it completely.

According to DFC, the industry employs more than 220,000 Canadians and contributes $20 billion dollars a year to Canada's gross domestic product. You know when it ended?

"It's a great win for the president and a validation for his strategy in the area of worldwide trade", a senior administration official told reporters.

"I think for some small producers, it could be the difference between being profitable and not".

Marshall said other wins for Kansas include eliminating a wheat grading system that prevented US wheat from entering Canada, as well as aerospace manufacturing being able to move between Canada and Mexico duty-free. The U.S. and Canada reached the basis of a free trade deal Sunday night, a senior Canadian government official said.




While highlighting the mutual benefits of the "new modernized trade agreement for the 21st century", the statement did not offer any details on its contents, nor hint at the concessions that Washington and Ottawa reportedly had to make. Still, it's in some respects an incremental advance from the Pacific deal that Trump walked away from.

In a joint statement, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement "will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home". "The new name will be The United States Mexico Canada Agreement, or USMCA".

Under the new deal, a multitude of changes promise to shake up the manufacturing of vehicles across North America.

THE FACTS: North America already is a manufacturing powerhouse. "They told me they felt they have continued to give through a number of trade deals we have signed and they are right", Trudeau said after the meeting.

THE FACTS: Other concessions were made, as is typically the case in trade agreements.

Supply management works in two ways.

For Trump, the agreement reached in the weeks before the November congressional elections offers vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation. Canada's loonie is also way up from where it was recently, with the Mexican peso also trading at a higher value too because of the new deal.

Related Articles

  • Liverpool boss Jurgen Klopp said his team deserved to lose to Napoli

    Liverpool boss Jurgen Klopp said his team deserved to lose to Napoli

    Let's have a look how the players are after the game and then we will prepare. "That was us tonight". It would have been hard at any time in the season, it is never easy against them.
    Official says basis of Canada-US deal reached

    Official says basis of Canada-US deal reached

    And this agreement appears to have some positive things in it", said Jim Holte, president of the Wisconsin Farm Bureau Federation. The comments came the day after Trump publicly said that the U.S. negotiators "don't like their representative very much".
    Key US senators criticise Trump for mocking Kavanaugh accuser Christine Blasey Ford

    Key US senators criticise Trump for mocking Kavanaugh accuser Christine Blasey Ford

    As the crowd cheered and laughed, Trump continued: 'What neighborhood was it in? His wife is shattered, his daughters. Christine Blasey Ford's allegation against Brett Kavanaugh was Trump "stating the facts". "I had one beer".
  • Putin calls ex-Russian spy Sergei Skripal a ‘scumbag,’ traitor

    Putin calls ex-Russian spy Sergei Skripal a ‘scumbag,’ traitor

    The last annual summit was held on June 1st previous year , during the visit of the Prime Minister Modi to Russian Federation . As of October 1, however, the Indian government has not publicly confirmed that the CCS approved the $5.5 billion acquisition.
    National League playoff picture needs two tiebreaker games

    National League playoff picture needs two tiebreaker games

    Muncy's pinch-hit homer gave him 34 for the season and the drive splashed into McCovey Cove beyond the right-field arcade. A one-game playoff in 1980 was no better for the Dodgers , who were beaten 7-1 by Houston for the NL West championship.
    Klopp highlights the threat of Napoli star Insigne

    Klopp highlights the threat of Napoli star Insigne

    Napoli coach Carlo Ancelotti has questioned the appointment of ref Viktor Kassai for their Champions League tie with Liverpool . On a huge week for the Reds, with Manchester City visiting Anfield four days after the Napoli match ...
  • Prithvi becomes youngest Indian to score 100 on Test debut

    Prithvi becomes youngest Indian to score 100 on Test debut

    Aiming to maintain their top spot in ICC Test rankings, India will take on West Indies in 1st Test played at Rajkot . Besides Shaw, Cheteshwar Pujara also scored a good looking 86 in his own backyard but missed out on a hundred.
    Boston Red Sox: Xander Bogaerts breaks out into stardom at right time

    Boston Red Sox: Xander Bogaerts breaks out into stardom at right time

    Lynn is 1-1 with a 1.80 ERA in five career starts against Boston, and he is 1-0 with a 1.64 ERA against the Red Sox this season. They've been head and shoulders the best team in baseball all year long, winning more games than any other team by a landslide.
    Kavanaugh, Dudley were in bar fight after 1985 UB40 concert

    Kavanaugh, Dudley were in bar fight after 1985 UB40 concert

    In a follow-up tweet, the Yale Law Schooler lecturer wrote: "Those are fundamental values we try to instill in our students". Cozzolino was treated in hospital for his injuries after he was left bleeding from his ear, according to the police report.
  • Theresa May dances her way onstage to Abba at Tory conference

    Theresa May dances her way onstage to Abba at Tory conference

    May has been mocked by people on the internet since she flashed her robotic dancing skills during a state visit to Kenya . Her speech was aimed at providing an upbeat vision for Britain post-Brexit - and after eight years of austerity.
    Messi lights up Wembley as Barça sink Spurs

    Messi lights up Wembley as Barça sink Spurs

    When you're scoring as many goals as he is - 40, 50 or 60 goals a season - as a striker, I want to try and match that. Ahead of the game Harry Kane was ridiculed for saying he'd like to score more goals than Lionel Messi .
    OnePlus 6T won't feature wireless charging or IP rating

    OnePlus 6T won't feature wireless charging or IP rating

    According to a leaked image of OnePlus 6T's retail box, it will sport a larger 3700mAh battery along with Dash Charge technology. Despite the huge demand from users, OnePlus has taken a "tough" decision to remove headphone jack.