Published: Thu, October 04, 2018
Money | By Armando Alvarado

Canada reach agreement on new trade deal

Canada reach agreement on new trade deal

An 11th-hour agreement Sunday night between the USA and Canada sealed a new trade deal between the three primary North American economies that could increase the cost of building cars in Mexico.

Gordon said there could be a slight increase in market access to Canada for USA dairy products, and the removal of that nation's Class 7 system pricing could lessen impact on the us and world markets.

"It's a good day for Canada", Prime Minister Justin Trudeau told reporters after a late-night cabinet meeting to discuss the agreement, which triggered a jump in global financial markets.

On Sunday, it was announced that the parties had reached a new agreement, which is now being referred to as the U.S. -Mexico-Canada Agreement - or USMCA. It also includes provisions to protect automakers, such as requiring that at least 75 percent of cars must be produced in North America to benefit under the deal.

The official also said it exempts tariffs on 2.6 million cars and on diary it preserves supply management in Canada, the AP reported.

Under US law, the White House is required to submit the text of the trade deal to Congress 60 days before signing - and officials barely made it by midnight. Canadian sources said the Canadian government was prepared to offer compensation to dairy farmers hurt by the deal.

Trump: "This new deal will be the most modern, up-to-date and balanced trade agreement in the history of our country".

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The main goal of the agreement for the United States is to have more vehicle and truck parts made in North America. The president said the name has a "good ring to it", repeating U-S-M-C-A several times. "I believe that an improved North American Free Trade Agreement is good for both our economy and the American worker".

Canada also agreed to get rid of its two-year-old Class 7 pricing agreement that has restricted USA exports of ultra-filtered milk used to make dairy products. He reiterated that the U.S.is now engaging in talks with the aim of preserving the current program and protecting industry needs.

Increased protections for intellectual property: The deal increases the copyright period in Canada to 70 years after the creator's death, up from 50 years, bringing the country in line with the US. It will be called the United States-Mexico-Canada Agreement or USMCA.

Dairy access: The US will be able to export the equivalent of 3.6% of Canada's dairy market, up from the existing level of about 1%. Julie Kenney is the Deputy Secretary for the Iowa Department of Agriculture and says going back to the way things were before the renegotiation process is welcome news. "I said frankly it's too early to talk, because they're not ready..." It's less severe than the US's original demand for a sunset clause, which would have forced each side to recertify the deal every five years to keep it in effect.

Trump said it was unfair and economically crippling to dairy farmers.

Bruno Letendre, head of the Quebec milk producers association, said Monday the agreement is a bad one for the Canadian industry.

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