Published: Fri, October 05, 2018
Finance | By Cynthia Curry

PM meets with Quebec dairy farmers post USMCA, promises compensation

PM meets with Quebec dairy farmers post USMCA, promises compensation

Canada was able strike a deal with the United States at the 11th hour of a deadline Sunday night.

That's wrong, simply by virtue of the number of trade partners involved.

The North American Free Trade Agreement (NAFTA) is no more.

Trump said the accord would return the United States to a "manufacturing powerhouse".

Does the federal government have an engagement plan with the U.S.to ensure tariffs on Canadian steel and aluminum are lifted, and to ensure no future tariffs are issued under Section 232? Many view preserving this as one of the few key wins for Canada in this new agreement that shall have a 16-year expiry date with an option to renew for another 16 year term.

While the president told reporters that he is "not at all confident" Congress - which could see the House back under control of the opposition Democrats after the November midterm elections - will approve the deal, other members of his administration are expressing greater optimism.

THE FACTS: That's true. This is an emerging topic requiring more clarification. Automakers are under pressure to build more cars where workers earn decent wages. "We are only waiting for an understanding between the United States and Canada and we hope that understanding will happen so that it's a trilateral agreement".

Almost every major automaker builds cars in Mexico, including some European luxury brands. US drug companies can fend off generic competition for a few more years.

Canada's dairy farmers are not happy, of course.

He predicted the changes would force B.C. dairy farms to sell off their operations. And I know they can't open it completely.

Dairy producers across Canada are describing the USMCA's effect on their industry in similar terms. You know, they can't be overrun. "I've always felt that this would be a trade coalition of the willing to send a message to China that they've got to shape up and start behaving like a citizen in the new world of trading", Kudlow said.

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The Trump administration officially notified Congress of the U.S. -Mexico trade agreement on August 31.

For example, Freeland said the deal gets rid of the ISDS, the investor state dispute settlement mechanism between Canada and the USA, which she said allows foreign companies to sue the Canadian government.

The New York Farm Bureau agrees that this agreement is positive for farmers. Still, it's in some respects an incremental advance from the Pacific deal that Trump walked away from.

The lobby group for Canadian dairy farmers is "deeply disappointed" in a new worldwide trade agreement with the U.S. Mexican Foreign Minister Luis Videgaray tweeted that the deal was good for his country "and for North America".

THE FACTS: North America already is a manufacturing powerhouse.

The Dairy Farmers of Canada said market-share losses from recent trade deals is 18 per cent, an amount worth $1.8-billion to milk producers.

THE FACTS: Other concessions were made, as is typically the case in trade agreements.

Supply management has caused a rift inside Conservative ranks in Ottawa.

Canada and Mexico each agreed to a quota of 2.6 million passenger vehicles exported to the United States in the event that Trump imposes 25 percent global autos tariffs on national security grounds.

US stock index futures also rose, with S&P 500 Index e-mini futures rising by more than 0.5 percent, suggesting the benchmark index would open near a record on Monday.

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