U.S. and Canada Reach a Last-Minute Deal Renaming NAFTA as USMCA

U.S. and Canada Reach a Last-Minute Deal Renaming NAFTA as USMCA

The stipulations of the deal include opening Canada's dairy market to USA imports, which was a sticking point in the negotiations.

"The number one export industry in the country is the auto industry", he said, adding that Trump's threat to impose 25 percent tariffs on Canadian automobiles and parts was also off the table. "I'm concerned we've given up a lot on the dairy sector because Canada just gave up more dairy quota than the TPP (Trans-Pacific Partnership)".

He also counselled members not to panic, adding things wouldn't change overnight for the dairy industry.

U.S. President Donald Trump had repeatedly railed against supply management, calling it unfair and warning that Canada would face repercussions unless it was dismantled.

"Today's announcement is proof that House Republicans under President Trump's leadership are getting our nation back on track and standing up for American interests", Collins said.

After 14 months of tough negotiations, the prime minister framed this agreement as a victory.

U.S. Rep. Ron Kind calls the deal a "step forward in this process", but says "now it's time for us to come together to discuss the outstanding issues that remain".

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Even if the deal does pass, it likely won't alleviate all market pressure felt from tariffs. She says this year's expo comes as dairy farmers are facing the fourth straight year of low prices.

"I think we'll want to see the final details but I think overall it should open up more dairy markets, which I think is good for our dairy farmers who have some excess milk here in the U.S.", Williams said. "There's no doubt about that".

Some of the general areas of disagreement were supply management, auto exports and dispute resolution mechanisms.

Farmers may now be forced to dump excess skim milk down the drain if the processing sector is crimped by the new agreement, Wiens said.

"It's a tough one", he said.

He said he hopes the aluminum and steel tariffs can be resolved shortly, but that the manufacturing industry didn't lose on what's in the new deal.

"At a minimum we haven't lost any ground".

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The Liberals Minister of Foreign Affairs, Chrystia Freeland responded saying the future of supply management was preserved while the US was seeking to dismantle it altogether.

While touting USMCA as a good deal for Canadians by securing access to its largest trading partner and the largest market in the world, Trudeau acknowledged farmers' sacrifices.

"The markets are reacting positively and with relief but they're certainly not euphoric by any means".

The new trade pact is significantly better than an all-out trade war, but won't be a game changer for Canadian growth, said CIBC chief economist Avery Shenfeld.

Dubbing the old NAFTA deal as a failure and deficient, the White House asserted that the new deal will benefit the American workers, farmers, and businesses.

The lifted uncertainty could be enough to prompt more business investment, said RBC senior economist Nathan Janzen in a note.

Canada, the USA and Mexico have successfully concluded negotiations aimed at modernizing trade among the three nations.

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