US, Canada reach trilateral trade pact with Mexico to replace NAFTA

Trump and Trudeau agree on a revised NAFTA deal

The flags of Canada, Mexico and the US are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City on March 5.

Despite reaching a new trade agreement with Mexico and Canada over the weekend to replace the North American Free Trade Agreement, President Trump said at the White House on Monday the key US trading partners would still not be exempted from USA steel and aluminum tariffs.

"The US relationship with China is much more complicated than its relationship with Canada", Rosenberg agreed.

Commitment to not mess with currency levels: While the US, Mexico, and Canada do not actively intervene to strengthen or weaken their currencies, the pact to "achieve and maintain a market-determined exchange rate regime" could be a model for future agreements with countries that are more active in currency markets. "Without tariffs, we wouldn't be standing here", he said.

Dairy Farmers of Canada says the new deal will grant greater market access to the domestic dairy market and eliminate competitive dairy classes. "We certainly are pleased to see that there was an agreement over the weekend but, at the same time, we're very disappointed that current USA tariffs on aluminum imports from Canada haven't been lifted".

Likewise, he claimed that India - which he described as the "tariff king" - wants to start trade talks with the United States "immediately". Voters in Quebec, home to 354,000 dairy cows - the most of any province - head to the polls for provincial elections Monday, which cast a shadow over the last-minute negotiations. Trump threatened to go ahead with a bilateral deal with Mexico, but Mexican officials strongly advocated for Canada's inclusion.

Kind of. The major USA stock indexes showed gains this morning, with the Dow rising more than 250 points (a gain of almost 1 percent.) But Julia Coronado, an economist and the founder of the company MacroPolicy Perspectives, told us that while this market rally is probably a reaction to the agreement, the pact itself is rather "unimpressive".

"Canadian consumers like our product", said de Jong.

"We've been sacrificed", he said in an interview.

The rewrite "will result in freer markets, fairer trade and robust economic growth in our region", according to a joint statement from US Trade Representative Robert Lighthizer and Canada's Foreign Affairs Minister Chrystia Freeland.

Trudeau said he knows there is anxiety for dairy producers but also implied things could have been a lot worse.

"The United States is respected again but it's also respected as to trade and industry", President Trump told reporters in Washington.

Then U.S. Trade Representative Robert Lighthizer, Freeland's counterpart, came up with the idea that instead of demanding a certain percentage of the vehicle had to be made by the U.S., it would require a percentage of the auto to be manufactured by workers earning high wages.

The President said he plans to sign the deal by the end of November.

"At a minimum we haven't lost any ground".

"I don't think it did".

The peso and the loonie are extending gains on the final headlines.

"The markets are reacting positively and with relief but they're certainly not euphoric by any means. They may be willing to do that for political purposes", he said.

The revamped NAFTA deal - dubbed the United States-Mexico-Canada Agreement, or USMCA - was nearly 14 months in the making and has 32 chapters, 11 annexes and 12 side letters.

Canada will open its dairy market further to United States producers, and Washington left unchanged the dispute settlement provisions which Ottawa demanded. "In some ways it has been traumatic for many", Heyman said.

"This administration is committed to strong and effective enforcement of this agreement", a senior US official told reporters.

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