Loonie soars in wake of trade deal

Dairy farmers in Ontario are expressing concern about the new USMCA trade deal

Dairy farmers in Ontario are expressing concern about the new USMCA trade deal

Canada will pursue deeper trade ties with China, Prime Minister Justin Trudeau said Tuesday as the government rejected accusations its new U.S. -Mexico trade deal ceded sovereignty over that goal to the Trump administration. China has no free-trade deal with Canada, Mexico, Japan, Europe and the US. This is not an old one, rewritten.

The main goal of the agreement for the United States is to have more vehicle and truck parts made in North America.

Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association, said Trump's comments could aid legal challenges against any such tariffs. USA dairy farmers will receive additional access to the Canadian market.

For example, the new agreement would require 40 to 45 percent of auto components be made by workers earning the equivalent of $16 per hour, but it's unclear whether $16 would be the average or the minimum earned, or how such a measure would be enforced, Drake said. A CNN report said that, "The Dairy Farmers of Canada quickly came out to criticise the new trade agreement, claiming it puts the livelihood of Canadian dairy producers at risk".

The U.S. and Canada are under pressure to reach a deal by the end of the day Sunday, when the U.S. must make public the full text of the agreement with Mexico.

The comments - combined with Trump's campaign rhetoric - fed into a fear that Trump might disrupt the more than $1 trillion in annual trade that occurs between the three countries.

Perhaps appealing in part toward Democrats whose votes may be needed to approve the deal in Congress early next year, the Trump administration also touted the USMCA as delivering environmental benefits.

Indeed, Canadian influence in Congress may have helped discourage U.S. Trade Representative Robert Lighthizer from trying to push senators into approving the bilateral deal he forged with Mexico, said Dan Uczjo, an global trade lawyer in OH with the U.S. firm Dickinson Wright.

Britain's Theresa May calls party to unite on Brexit
So much in politics after all, as in all human affairs, is about feeling sufficiently comfortable to make others feel likewise. Well, the opportunity was squandered and it has been an agonisingly slow-motion auto crash ever since.

"It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home".

"Once approved, this will be a new dawn for the American auto industry and for the American auto worker", President Trump said. "I understand that many of them are anxious and many of them feel betrayed right now".

There are few changes to the deal that will specifically impact the province, he said. "On the surface, this isn't something that's going to cause a massive shift, in our opinion, to the U.S".

Dairy groups in Washington state are encouraged by the Trump administration's new North American trade deal announced Monday and what they see as its potential to create additional market access for dairy farmers. "Versus a very unpredictable and protectionist USA administration, I think Canada did as well as it could". If the U.S. were to insert a similar clause into trade deals it is negotiating with the EU and Japan, it would mean Beijing's best hope of trading with the EU, Japan and Canada to offset an extended trade war with the USA would be quashed, Post reported, quoting trade experts.

The new trade deal, which representatives from the three countries have agreed to in principle, also contains provisions calling for greater enforcement to prevent by-catch - the inadvertent capture of non-targeted species in nets and traps.

More opportunities for e-commerce companies: In the new trade agreement, Mexico agreed to double its "de minimis shipment value" to $100, which means that any goods entering the country under that amount can do so duty free. Back in the 1980s, America's trade deficit was climbing due to an overly strong dollar.

It's not all farms and furnaces: the high-tech sector is going to be affected by changes to NAFTA as well, and Ontario is home to the lion's share of tech businesses and employment in Canada.

Latest News