Alberta dairy farmer explains why he’s disappointed with NAFTA replacement

iShares MSCI Mexico Inv. Mt. Idx. (ETF)(NYSE:EWW): New NAFTA Deal Is Done

After intense last-minute discussions just ahead of a self-imposed Sunday midnight deadline, the United States and Canada announced they had reached a deal, allowing a modified three-way pact with Mexico to replace the almost quarter-century-old North American Free Trade Agreement (NAFTA).

He said that "tariff king" India on its own has reached out to the USA to make a trade deal, without Washington calling New Delhi for negotiations.

U.S. officials intend to sign the agreement with Canada and Mexico at the end of November, after which it would be submitted to the U.S. Congress for approval, a senior U.S. official said.

"Unlike the disputes with Canada, Mexico and the EU, Trump's aggression towards China has broader support", said Capital Economics' Andrew Hunter in a note to clients.

"I think other countries will be in touch with Canada on that issue as well", he said.

Officials reached a breakthrough on the US-Mexico-Canada Agreement in 11th-hour negotiations Sunday night, calming fears that the trilateral deal could be scrapped when a self-imposed deadline hit hours later.

"U.S. President Donald Trump has hailed his revamped North American trade deal with Canada and Mexico, saying it will help boost the U.S. economy".

According to farmers, the new deal will weaken the Canadian dairy industry by limiting exports and opening up the domestic market to more American products, concessions that could means hundreds of millions of dollars less in revenue for the industry, which now brings in about $5.9 billion in farm-gate revenue each year.

He has adopted an "America First" policy and launched a trade war against China, as well as imposed tariffs on steel and aluminium imports from Mexico and Canada.

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Gambhir said both Houses of India's Parliament had expressed solidarity while paying respects to those killed. The challenges that are before the world, climate change and terrorism are the biggest threat.

In all 3 countries, the new USMCA trade pact must be ratified by lawmakers.

Canada, along with Mexico, took a "do no harm" approach to the talks, and there were early indications the Trudeau government succeeded in preserving the status quo in key areas, even though it faced criticism for giving the US concessions on dairy.

Under the terms of the new deal, the trade dispute mechanism Canada had sought to preserve will be maintained.

These U.S. officials also said the deal includes stronger rules of origin for autos, an "ambitious" slate of other provisions related to the digital age, and a termination provision aimed at preventing the deal from becoming outdated.

Other contentious, so-called USA poison pills - which would have limited Canada and Mexico's ability to bid on lucrative US procurement projects - are gone.

As official statements responding to the United States Mexico Canada Agreement (UNMCA) roll in, CBC News will post them below.

"Canadians are polite, we're reasonable, but we also will not be pushed around", the prime minister said at the time. Canada is by far the No. 1 destination for USA exports, and the US market accounts for 75 percent of what Canada sells overseas.

They suspected 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.

Dairy Farmers of Canada issued a terse statement nearly immediately after the 11th-hour agreement was announced late on September 30, following 14 months of hard negotiations between the parties.

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While understanding the deal is still preliminary, Canadian dairy farmers will still feel the pinch from losing more market access, said a Dairy Farmer of Ontario representative.

"It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our farmers and manufacturers, reduces trade barriers to the USA and will bring all three great nations together in competition with the rest of the world". So, they (Indians) call us.

Farmers in the states will have greater access to Canada's dairy market now that Canada has agreed to drop its Class 7 pricing system, which allowed processors in Canada to buy skim milk from Canadian farmers at lower prices. Dairy Farmers objected to this, too, but the once-obscure dairy classification had become a lightning rod of discontent for Trump.

Trump said he spoke to both leaders on Monday. "Versus a very unpredictable and protectionist USA administration, I think Canada did as well as it could".

Prime Minister Justin Trudeau tried to placate Canadian dairy farmers by promising compensation and said conversations with the industry are already underway to determine what fair compensation will look like.

The 25 percent steel and 10 percent aluminum tariffs were implemented in March.

There are bigger lessons from the new agreement, said Baskin.

"Enough discussion about NAFTA and what the Americans want and don't want", he said.

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