U.S. And Canada Reach Deal To Replace NAFTA

04 October, 2018, 05:55 | Author: Eric Barnett
  • Trump and Trudeau agree on a revised NAFTA deal

Jersey cows at Silver Spring Farm in Syracuse.

US President Donald Trump has been pushing for a complete overhaul of the 25-year-old continental trade deal, which he says has been a "rip-off" for the United States.

The USMCA involves Canada opening up dairy access beyond what Trans-Pacific Partnership (TPP) would have achieved, allowing President Trump to claim victory on that point; all in exchange for retaining an NAFTA Chapter 19 dispute process to review antidumping and countervailing duty (AD/CVD) orders and special rules on films and publications for Canada's francophone population. Utah's dairy industry will benefit from new access to Canadian markets for "fluid milk, cream, butter, skim milk powder, cheese and other dairy products", as well as decreased restrictions on marketing certain types of cheese across North America. The new deal opens up Canada's dairy market for American farmers, gives our intellectual property better protection and leaves the steel tariffs for further discussion. The new agreement will eliminate a program in Canada which limited certain kinds of imports.

"The best estimate that we have now is that the additional sales that the USA will be able to send into Canada will equal less than 2 percent of total USA sales by value of dairy products", O'Connor said. He used to be a dairy farmer but now is in the beef business.

The Trump administration officially notified Congress of the U.S. -Mexico trade agreement on August 31.

The North American trade agreement has been renamed the United States-Mexico-Canada Agreement (USMCA).

The $1.2 trillion trade agreement replaces the North American Free Trade Agreement, which Trump vowed to repeal during his presidential campaign.

Canada's efforts to formally start free trade talks with China stalled late a year ago and there are no plans for formal talks on the horizon. And I think honestly we're still working through it.

"We would have moved forward with just Mexico", Marshall said.

U.S. President Donald Trump's administration has said Canada must sign on to the text of the updated NAFTA by a midnight Sunday deadline or face exclusion from the pact.

This article of the agreement also defines a "non-market" country as "a country that on the date of signature of this agreement at least one Party has determined to be a non-market economy for purposes of its trade remedy laws and is a country with which no Party has a free trade agreement".

The effects of the USMCA could be diluted by the extended 16-year sunset provision, which calls for a meeting of the three countries' leaders every six years to discuss the continuation of the agreement. But it keeps a NAFTA dispute-resolution process that the USA wanted to jettison and offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States.



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