Published: Tue, October 02, 2018
Worldwide | By Angelina Lucas

Trudeau’s biggest threat after NAFTA-himself

Trudeau’s biggest threat after NAFTA-himself

Despite vows to slash the program, the Trump administration on Monday agreed to allow tens of thousands - if not hundreds of thousands - of Canadian engineers, doctors and nurses who come to work in the United States to keep their visas as part of the new US trade pact with Canada and Mexico, according to senior administration officials.

-Mexico-Canada trade deal, saying President Trump "deserves praise" for trying to improve upon the old NAFTA.

Most critical of the deal was the dairy industry, which railed against expanded USA access to the domestic dairy market and the elimination of competitive dairy classes.

Mister Trump insisted his new trade deal with transform North America into a manufacturing powerhouse.

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

Amid word that a renegotiated trade pact between Canada, the USA and Mexico will undercut Canada's dairy industry, Manitoba dairy farmers say the the deal puts a damper on plans for future growth.

Canada also agreed to allow USA dairy farmers to access a sliver of its highly-protected dairy market.

The pact also gives the USA greater access to Canada's dairy market.

They noted that the accord would come up for review every six years, which they said would give the US significant leverage if Canada or Mexico don't comply with any parts of it.

Prime Minister Justin Trudeau and Minister of Foreign Affairs Chrystia Freeland announce the new USMCA trade pact between Canada, the United States and Mexico in Ottawa.

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Speaking at the White House, Mr Trump said the new pact vindicated his threats over trade tariffs.

The Trump administration officially notified Congress of the U.S. -Mexico trade agreement on August 31. But chamber president Perrin Beatty said the details of the text needed a closer look before a final verdict could be rendered. They suspected that Canada, which had said it wasn't bound by US deadlines, was delaying the talks until after provincial elections Monday in Quebec, where support for Canadian dairy tariffs runs high.

President Trump is making good on his campaign pledge to renegotiate NAFTA.

Early Monday, U.S. stocks rallied on this news with the Dow and the S&P 500 trading very near record highs at their peaks, but markets lost steam throughout the trading day with the small-cap Russell 2000 dropping more than 1.3%.

Canada had previously offered the US a 3.25-per-cent market share under the old Trans-Pacific Partnership agreement, which Trump also derided - and pulled the USA from - after he took office in 2017. "Mexico and Canada will be opened up a lot more than they are now".

Canada also agreed to get rid of its two-year-old Class 7 pricing agreement that has restricted USA exports of ultra-filtered milk used to make dairy products. But Trump and other critics said it encouraged manufacturers to move south of the border to take advantage of low Mexican wages, costing American jobs. American negotiators say they got a major victory by forcing Canada to eliminate the pricing scheme for so-called "Class 7" dairy products.

"Specifically, we will seek clarity on how the agreement addresses the existing tariffs on Canadian steel and aluminium, as well as how it will ensure that tariffs and quotas upon Canada's auto sector exports will be avoided", Beatty said.

USA exporters will have access to roughly 3.59 per cent of the dairy market.

"The agreement will govern almost $1.2 trillion in trade, which makes it the biggest trade deal in United States history", Trump said.

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