Canada relieved trade deal done, won't forget Trump attacks

Canada and US agree last-minute trade deal

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".

"We're thinking about just taxing cars coming in from Canada".

Ahead of the midnight deadline set by the White House, The New York Times reports that President Trump approved changes that essentially revamp the 1993 NAFTA deal, bringing Canada on board after Mexico had already agreed in August. "We have negotiated this new agreement based on the principle of fairness and reciprocity".

It wasn't Freeland's hard-driving negotiating style that was under Trump's skin.

"I am relieved", Rosen said.

"The deal is not a disaster", Bothwell said. We'll see what happens.

Pointing to his combative attitude towards China - with which the United States is engaged in an escalating trade war - Trump said his strategy was bearing fruit and that "China wants to talk very badly".

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

"So instead of it being the USA, it would be high-wage labour, which of course includes Canada, and suddenly the US and Canadian interests were aligned and this was a deal that Canada could do" Freeland said.

"It shows that this is all about politics", said Clement.




"This new focus on Capitol Hill - when legislators come down, they go to Capitol Hill in recognition that Congress really, truly counts, and the cabinet ministers, who are also legislators, have got to recognize that they can use those peer-to-peer relationships".

PhRMA, the pharmaceutical industry lobby, said in an emailed statement that a big aim of agreements like the U.S. -Mexico-Canada Agreement is "to raise global standards, including for intellectual property, among our trading partners, leveling the playing field for American innovators and manufacturers".

But the ensuing talks to incorporate Canada stumbled.

NDP Leader Jagmeet Singh said Canadians will end up paying more for things like milk and pharmaceuticals under the deal. I'd like to know what the specifics of that are; I don't necessarily take them at their word that it's all going to work out for the Canadian farmer.

"Certainly disappointed because they didn't agree on a solution on the 232 sanctions regarding aluminum and steel", said Jean Simard, CEO of the Aluminium Association of Canada. The USMCA will replace the 24-year-old NAFTA.

Trudeau said the USMCA is successful in maintaining fairness and balance between Canada and the US, a trading partner 10 times its size.

Canada's The Globe and Mail cited four sources as saying an outline of a deal had been reached but Trump and Trudeau still needed to approve it. So the nuclear option was deployed: telling the president about Freeland and reminding him about the summer G7 meetings in Quebec, where Trudeau's closing news conference so agitated Trump that he used his Twitter feed to attack the prime minister from the confines of an airborne Air Force One.

Trump campaigned on a promise to rewrite NAFTA or get rid of it. Talks on a rewrite began more than a year ago.

Despite Trump's jibe at the Democrats, their comments on the agreement were largely muted, though many lawmakers said the way the provisions of the deal are enforced would be critical.

New chapters covering Digital Trade, Anticorruption, and Good Regulatory Practices, as well as a chapter devoted to ensuring that Small and Medium Sized Enterprises benefit from the Agreement.

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