Published: Thu, October 04, 2018
Markets | By Josh Butler

Canada, buoyed by trade deal, to push US on metal tariffs

Canada, buoyed by trade deal, to push US on metal tariffs

Canada has officially joined the United States and Mexico in forming a new trade arrangement that will replace NAFTA.

Since the tariff row broke out, Mexican steel exports to the United States had fallen 30 percent on average, Canacero said.

Rose also sees significance in the fact U.S. comes first, M for Mexico second and C for Canada last.

This clause could be used to prevent China from trying to circumvent the steep tariffs that the US has slapped on Chinese imports by funneling its merchandise through either Canada or Mexico.

A US official said a few minutes earlier that the United States and Canada were "very close" to a deal. Lots of jokes, apparently, if it's the moniker for the revamped North American Free Trade Agreement.

Trump said he'd like to see it signed by the end of November.

The bottom line is that we simply do not have enough information at this time to know whether NAFTA 2018 is in the economic interests of the United States, the AFL-CIO said.

"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", the statement said.

They tell iPolitics the clause is unprecedented and draws Canada into U.S. President Donald Trump's trade war with the world's second-biggest economy.

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O'Connor said the US needs an incentive for individual farmers not to overproduce, much like Canada's quota system.

"The US in its trade deals has lost on average nearly $800 billion a year".

NY dairy farmers should see some advantage from a revamped trade deal with Canada.

While changing NAFTA and bringing down USA trade deficits was a top Trump campaign pledge, Sunday's agreement largely leaves the broader deal intact and maintains supply chains that would have been fractured under weaker bilateral deals. While the new agreement still needs approval from Congress before it comes into effect, President Donald Trump has high hopes that it will allow North America to be transformed into a "manufacturing powerhouse".

"The economic ties between the three countries are a major contributor to each country's financial success, and no state benefits more from the NAFTA relationship than Texas".

"There's a spirited debate going on in Canada, but the overall sentiment is relief that there's a deal to be done", said Daniel Ujczo, an global trade lawyer who specializes in Canada-U.S. affairs at the law firm Dickinson Wright.

Analysts agreed that the labor chapter in the new agreement is stronger than those in the Trans-Pacific Partnership, which many unions and labor groups panned.

The concessions are in theory a problem for Trudeau, whose ruling Liberals say they need to pick up seats in Quebec in an election set for October 2019 if he is to retain power.

"Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico".

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