Trump hails 'most important ever' US-Canada-Mexico trade pact

Trump hails 'most important ever' US-Canada-Mexico trade pact

Trump hails 'most important ever' US-Canada-Mexico trade pact

Trump complained about the behavior of Canadian officials, and said he rejected a meeting with Prime Minister Justin Trudeau, although Trudeau's office said no meeting was planned.

WASHINGTON-Canadian dairy farmers have panned the renegotiated trade pact between Canada, the United States, and Mexico, saying the new deal will undercut the industry by limiting exports and opening up the market to more American products.

The Trump administration has been working to sign a new trade deal before Mexican President Enrique Peña Nieto leaves office on December 1.

The new trade agreement, Trump asserted, would usher in a new dawn for the country's auto industry and transform North America into a manufacturing powerhouse and allow United States to reclaim the supply chain that went out off-shores.

The new agreement will guarantee American jobs and incentivize investment, the president said, calling the deal a "new dawn" for the American auto industry.

The trucks that come from Mexico also have to abide by higher environmental standards.

And he cheered the fact it will give American farmers and dairy producers greater access to markets in Canada and Mexico, protect auto manufacturing jobs and encourage innovation on US soil. The United States and Canada will phase out the mechanism, while Mexico will keep it in place in sectors where the government plays a prominent role, such as energy.

Foreign outsourcing for USA automotive production will be reduced under the deal, said Trump, who predicted "once USMCA is approved, it will be a new dawn for the US auto industry and the US auto worker", turning the country again into "a manufacturing powerhouse".

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"With any trade agreement it's always give and take", Steve said.

The administration officials told CBS News they expected it to be signed by Mr. Trump and his Canadian and Mexican counterparts on November 30, then submitted to Congress, with a vote expected some time next year. But chamber president Perrin Beatty said the details of the text needed a closer look before a final verdict could be rendered. The rewrite "will result in freer markets, fairer trade and robust economic growth in our region", said a joint statement from U.S. Trade Representative Robert Lighthizer and Canada's Foreign Affairs Minister Chrystia Freeland.

The threat of tariffs has brought India to the negotiating table and Trump said he's confident other countries, too. But the agreement will now push Canada's current copyright terms, which stood at 50 years past the author's life, to 70 years so that it can fall in line with US protections.

So much American trade depends on the 1994 deal that US financial markets were jittery about a possible collapse of negotiations - and because Mr. Trump made campaign promises to get rid of NAFTA. Over the years, Canada has successfully used Chapter 19 to challenge the United States on its softwood lumber restrictions.

Canada fought hard to retain Chapter 19, a holdover from NAFTA that USA trade ambassador Robert Lighthizer fought tooth and nail to eliminate.

"I think farmers work hard in this country, and this is a hit to them."

Canada had been offering the Americans better access to its protected dairy market in the hopes of winning American concessions on dispute settlement. The only thing wrong with Trudeau is that he "loves his people", Trump said. American negotiators say they got a major victory by forcing Canada to eliminate the pricing scheme for so-called "Class 7" dairy products. According to the Toronto Star's Daniel Dale, a side letter would exempt 2.6 million of Canada's annual vehicle imports from potential Section 232 tariffs on automobiles in the future. Any dairy imports above the 3.6-per cent threshold still face Canada's punishing tariffs, which were a sticking point in negotiations with the U.S.

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