Trump and Trudeau agree on a revised NAFTA deal

Trump and Trudeau agree on a revised NAFTA deal

Mexican officials hailed a new North American trade accord Sunday as the U.S. and Canada announced they had reached an agreement to keep a three-country deal and rename the 24-year-old NAFTA.

Washington has already reached a trade agreement with Mexico and President Donald Trump has repeatedly said he would go ahead with the revamped deal, with or without Canada. The U.S. reached an agreement-in-principle with Mexico in late August and wants it approved before the Mexican President Enrique Peña Nieto leaves office November 30.

"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". The pact underpins some $1.2 trillion in annual trade.

Ultimately, Ujczo said he expects Canada and the U.S.to reach a so-called "side letter" to the main deal that would resemble a similar agreement reached last month between Mexico and the USA which preserves duty-free access to the US market for vehicles that comply with the agreement's rules of origin. "The United States can not come to the game and bring their own umpire calling balls and strikes ... especially when we see that Trump is so capable of arbitrary behaviour", he said, noting that the U.S President has already cited what Mr. McKenna called "laughable" security issues as rationale for recent tariffs.

The US Chamber of Commerce has said it would be "unacceptable to sideline Canada, our largest export market in the world".

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Pierre Lampron, president of Dairy Farmers of Canada, said in a statement.

Additionally, Mexico will get an auto parts quota of $108 billion annually, while Canada will get a parts quota of $32.4 billion annually in the event of USA autos tariffs.

A side-letter to the agreement showed that Trump preserved the ability to impose threatened 25 percent global tariffs on autos while largely exempting passenger vehicles, pickup trucks and auto parts from Canada and Mexico.

The deal represents a win for Trump, who has derided Nafta for years and threatened to pull the USA from the pact if it was not rewritten in Washington's favour.

United States farmers will have access to about 3.5% of Canada's dairy market, Reuters reported, citing sources.

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Since talks began more than a year ago, it was clear Canada and Mexico would have to make concessions in the face of Trump's threats to tear up NAFTA and relief was palpable in both countries on Sunday that the deal was largely intact and had not fractured supply chains between weaker bilateral agreements.

"Lots of progress, but we're not there yet", MacNaughton told reporters.

A bulk of Canada's efforts this weekend have been focused on securing an exemption to the Section 232 tariffs - especially dealing with autos - which allow President Donald Trump to slap duties on foreign products in the name of national security, a source with direct knowledge of the talks confirmed.

At an investment conference hosted by TD Asset Management in mid-September, Mr. McKenna argued that Canada must stand its ground on the Chapter 19 dispute resolution mechanism. "We're going to call it the US-Mexico Trade Agreement". Trudeau said he would have more to say Monday. While TPA gives Trump the ability to send a deal to Congress for a simple majority vote, it also includes a statutory 60-day notification period.

Canada, the US' second largest trade partner, was excluded from a revamped NAFTA deal separately negotiated between Mexico and the U.S. in August after nearly a year of negotiations. Trump wanted Canada to open its dairy market to USA farmers, and Canada wanted to preserve a mechanism for resolving disputes.

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