Canadian Experts Persist in Criticism of USMCA Treaty

Canadian Experts Persist in Criticism of USMCA Treaty

Canadian Experts Persist in Criticism of USMCA Treaty

"This is not appropriate for a trade agreement".

Lobbyists for several industries said they hoped the U.S. -Mexico-Canada Agreement would serve as a yardstick for future U.S. trade deals, including any involving China.

It replaces the 24-year-old North American Free Trade Agreement, which President Donald Trump had called a job-killing disaster.

Over the weekend, the governments of the United States, Canada, and Mexico came together to create a new, and newly named, version: the USMCA. "To put that to bed is great and to have something that includes Canada, and not just Mexico, is fantastic".

"The US relationship with China is much more complicated than its relationship with Canada". It also requires that Mexico retain at least its current level of openness to USA energy investment, and allows additional flexibility for US customs authorities to accept alternative documentation to certify that natural gas and oil have originated in Canada or Mexico upon entering the United States.

Just an hour after President Trump hailed the proposed revision of the North American Free Trade Agreement as a win for USA workers and a vindication of his hard-edged approach to trade, Canadian Prime Minister Justin Trudeau predicted the new deal would be "profoundly beneficial" for Canadian families and the middle class.

De Minimis: this is a term that represents the amount of goods a person can bring across the border without being hit by duties.The basic exemption when crossing the border in person will increase to $40 of us goods up from the current $20. "Having Canada as a trading partner and a party to this agreement is critical for North American energy security and US consumers".

"We are not going to allow our steel industry to disappear", Trump said, adding that Sunday's deal would not have happened without the tariffs.

"What we felt was possible and reasonable was to offer some additional market access", in the dairy sector, she said. The Canadian sector is worth Can$20 billion (US$16 billion).

Another red line for Canada was Chapter 19.

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"The bar for supporting a new NAFTA will be high".

Still, on the surface, there were no obvious examples of fundamental harm.

Canada has strictly controlled imports for decades to limit the supply of milk in the country.

"The most important gain from this agreement is retaining our access to the US market and Canadians understand that", Freeland said.

"We had to make compromises, and some were more hard than others", Trudeau said, promising full compensation to dairy farmers who might suffer.

The loonie traded higher at 78.13 cents U.S. compared with an average of 77.25 cents USA on Friday.

A deal seemed imminent, worrying those within the USTR who were convinced they weren't yet done, said the source. So far, European companies have been more aggressive in taking advantage of the deal, he said, but it's still early days. Animated by seventeenth century mercantilist ideas about trade deficits, all Trump seems to know for sure is that the deficits in merchandise trade are always and automatically bad, and that all existing trade agreements, particularly multilateral agreements like the North American Free Trade Agreement (NAFTA), that produce such deficits are therefore likewise always bad.

Copyright laws: Canada has agreed to extend the terms of a copyright from 50 years up to 70 years. "It is imperative that the United States remains an integral player in driving the global trade agenda".

For Trump, the agreement offered vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation.

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