Canada signs onto new NAFTA trade deal on sidelines of G20 summit

01 December, 2018, 20:07 | Author: Emmett Rice
  • New NAFTA US inks trade agreement with Canada and Mexico at G20 summit

US tariffs on steel and aluminum remain in place, but a Canadian official says an advantage to signing onto the agreement now is an auto side letter exempting Canada of potential tariffs on exports of up to 2.6 million vehicles - well above current levels.

"This is an unbelievable deal for our farmers and also allows them to use cutting edge biotechnology and eliminates non-scientific barriers".

The current duty-free threshold is only $20 (Canadian), or about $15 (U.S.).

The leaders of the three countries agreed on a deal in principle to replace the North American Free Trade Agreement (NAFTA), which governs more than $1.2 trillion of mutual trade, after acrimonious negotiations concluded on September 30.

Among those critics is Senator Elizabeth Warren (D-Mass.) who said on Thursday afternoon that the "Trump's deal" would not "stop the serious and ongoing harm NAFTA causes for American workers".

The president falsely claimed the new deal was "the largest trade deal ever made" (the Trans-Pacific Partnership, from which he withdrew the United States, was larger), and asserted that it will lead to "high wages and higher wages" in the auto industry and bring back jobs that have been moved overseas.

There is more work to be done, Trudeau said, calling the recent announcement that General Motors will close plants in Canada and the United States "a heavy blow".

'President Trump spoke with Canadian Prime Minister Trudeau this morning, ' spokesman Hogan Gidley said in a statement.

Trump noted the signing in Argentina comes on the last day in office for the Mexican president, who is being succeeded by leftist Andres Manuel Lopez Obrador, elected five months ago. Elizabeth Warren officially announced she would be voting against the deal. His agenda Friday also includes meetings with the leaders of Japan and India, the signing of a revamped trade deal with Canada and Mexico, as well as a number of heavily choreographed group activities for the gathering of leaders of rich and developing nations.

More news: Jurgen Klopp blames Premier League managers for Man City's dominance

But although the agreement has been signed it must be ratified by the legislative bodies of all three countries. But they also cited steel and aluminum tariffs as a lingering problem.

USA objections to Canada's protected internal market for dairy products was a major challenge facing negotiators during the talks, and Trump repeatedly demanded concessions and accused Canada of hurting U.S. farmers.

Democratic Rep. Jan Schakowsky of IL, for one, said ahead of the signing that it does "not do almost enough to raise wages for workers, lower costs for healthcare consumers, or protect the environment", and that barring major changes, the deal "will result in more broken promises by Donald Trump to American workers".

Despite the symbolism of Friday's signing, Trump has no meetings with Trudeau scheduled while the two are in Argentina. He added later: "We've taken a lot of barbs and a little abuse, and we got there".

According to a news release from the White House, the USMCA would require "75 percent of auto content to be produced in North America".

"As it's now written, Trump's deal won't stop the serious and ongoing harm NAFTA causes for American workers". As Hansen-Kuhn stated, "Signing this new NAFTA is just one more step in a bad process".

In addition to having to be approved by Congress, the USMCA deal will also need to be approved by legislatures in both Canada and Mexico as well.

On Saturday, he will meet with Chinese counterpart Xi Jinping to address the trade war triggered by Trump's insistence on China ending what he says have been decades of unfair trade practices.

However, Mr Trudeau said there was still work to be done and called for tariffs to be ripped up.

Recommended:



Popular

Priyanka and Nick Jonas get married in a ceremony in Jodhpur
In the pictures, one can all the members of Jonas family and Chopra family dressed in colour coutures. And so planning our wedding with amalgamation of both was so, so unbelievable .

Priyanka Chopra and Nick Jonas Are All Smiles at Their Puja Ceremony
Bride-to-be Priyanka wore a lovely white suit with a colourful dupatta and Nick was casually dressed. Nick's brother Joe Jonas and his fiancée Sophie Turner were also there.

British MP tells UK Parliament he is HIV positive
He talked about the impact of the stigma surrounding HIV and how that stigma affects people in the LGBTQ community. Lloyd Russell-Moyle, 32, told his fellow lawmakers that he had been diagnosed HIV positive when he was aged 22.

Trump auto tariff threats may hit U.S. consumers' pockets
Commenting on a breakfast meeting between President Donald Trump and his Argentine counterpart and summit host Mauricio Macri, Ms. China now imposes a 40 percent tariff on U.S. automobiles, while the United States has a 27.5 percent tariff on Chinese vehicles.

At re:Invent, AWS Announces Services with Open Source, IoT Focus
AWS said these companies and many more are using AWS to drive cost savings, accelerate innovation, and speed up time-to-market. One of the use cases highlighted for the new satellite service was for when natural disasters strike.

Trump sets up stormy G20 with Putin snub
At the same time, even a minor dose of tariff pain carries more significance for Apple than it would have a couple of years ago. May is expected to use the G20 to sell Britain's post-Brexit trading future outside the EU.

United Kingdom economy faces hit under Brexit deal says study
This position was backed by Dutch Prime Minister Mark Rutte. "I think we managed to make a diplomatic piece of art", she said.

Burger King Sweden 'adds' Whopper crafting to Red Dead Redemption 2
Not a whole lot is known about Red Dead Online , other than it being "an evolution" of Red Dead's classic multiplayer experience. Rockstar has announced that Red Dead Redemption 2 online will launch in beta tonight.

Wallabies not in disarray, insists Michael Cheika
To not get there this time is disappointing for him and the team. "It's extremely hard. There's no way around it", Hooper said.

Oprah Winfrey's Mother, Vernita Lee, Dead At 83
But she subsequently moved to Milwaukee to become a maid, meaning the American icon was raised by her grandmother. In the interview , Lee said she modeled the example of giving others love, which her daughter made a career of.