Tuesday, 16 October, 2018

Supply managed farmers to get compensation as a result of trade deal

Trump and Trudeau agree on a revised NAFTA deal Canada and US agree last-minute trade deal
Laurie Berry | 02 October, 2018, 04:45

Mr. Schumer, who voted against the North American Free Trade Agreement under President Clinton, said his final evaluation will depend on how strong the labor protections are, and whether the US got a better deal on dairy from the Canadians.

Volume on U.S. exchanges was 6.86 billion shares, compared with the 6.89 billion average for the full session over the last 20 trading days.

After a marathon weekend of discussions, negotiators secured a deal to replace the 24-year-old Nafta agreement just before a midnight deadline on Sunday.

The new deal, dubbed the US-Mexico-Canada Agreement, is expected to be signed by the leaders of the three member countries - US President Donald Trump, Canadian Prime Minister Justin Trudeau, and Mexican President Enrique Peña Nieto - in November.

Investor-state dispute settlement, formerly in Chapter 11, will be phased out between the USA and Canada but remain in place for certain key sectors - such as oil and gas, infrastructure and telecommunications - between the US and Mexico, according to the White House officials.

The rewrite "will result in freer markets, fairer trade and robust economic growth in..."

Trump's so-called "232 tariffs" were named for Section 232 of the Trade Expansion Act of 1962 and allow the US president to restrict imports for national security.

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

The new agreement, the officials said, represents a "template for the Trump administration playbook for future trade deals" created to boost worker earnings and strengthen the American economy.

The White House's Peter Navarro said "everybody's speaking in good faith right now as we speak", on Fox Sunday.

"The threat of capricious auto tariffs has been lifted, stabilizing future investment" said Dias in a statement. Energy stocks got a boost as crude oil prices hit their highest level since 2014 on a combination of the new trade agreement and US sanctions on Iran. "The practical consequences are limited, if any".

"Without tariffs we wouldn't be talking about a deal", Mr Trump said.

Sen. Graham On Kavanaugh Delay: 'Somebody's Gotta Explain This To Trump!'
If one more week guarantees at least 51 votes in the Senate, then perhaps this Federal Bureau of Investigation probe is necessary. He will forever be known as the man who helped pave the way to a conservative-controlled Supreme Court for an entire generation.

The new pact will require regional content of 75 percent for automobiles, and also that 40 to 45 percent of vehicles coming to the U.S.be produced in plants paying at least $16 per hour.

"This administration is committed to strong and effective enforcement of this agreement, just like all of our other agreements". It was unclear, however, whether Trump had authority from Congress to pursue a revamped NAFTA with only Mexico.

"That will now make it very, very hard for us to meet all the market requirements for the Canadian market".

In a joint statement, U.S.Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the accord would be renamed the USMCA (United States-Mexico-Canada Agreement).

Senior administration officials told reporters on a late-night conference call that the deal validated Trump's approach to trade policy and fulfilled an important campaign promise to overhaul an agreement he had disparaged as one of the worst trade deals ever made.

"It's a great win for the president and a validation of his strategy in the area of worldwide trade".

US stock index futures rose, with S&P 500 Index e-mini futures up more than 0.5 percent, suggesting the benchmark index would open near a record on Monday.

Here's a look at who's smiling - and who's not - as the world sees this news.

News of the United States-Mexico-Canada-Agreement (USMCA) is still being digested, and there are details left to learn, but there is already firm negative reaction from one Canadian industry in the Maritimes.

Canada fought hard to retain Chapter 19, a holdover from NAFTA that US trade ambassador Robert Lighthizer worked tooth-and-nail to eliminate.

"Canadian retailers will need to continue to offer a greater breadth of assortment online to give themselves the best chance at winning over the Canadian e-commerce consumers", said Armin Begic, the NPD Group's retail business group director, in an email to The Canadian Press.

Trump also refused to be pinned down on whether he intends to ease Section 232 tariffs on Canadian exports of steel and aluminum, saying at once that the tariffs remain in place, but they won't be necessary as long as Canada and Mexico honour the terms of the new agreement.

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