Trump says tensions with Canada´s Trudeau ´all worked out´

Trump says tensions with Canada´s Trudeau ´all worked out´

President Trump on Monday announced the agreement, which replaces the North American Free Trade Agreement (NAFTA), calling it "historic" and "a great deal for all three countries".

"Canadian Prime Minister Justin Trudeau announced strong opposition to making compromises or changing what Mr. Trump said was a tariff as high as 270 percent on us dairy products".

"It's a good day for Canada", Prime Minister Justin Trudeau told reporters after a late-night cabinet meeting to discuss the agreement, which triggered a jump in global financial markets.

The Nafta agreement between the US, Canada and Mexico had been in operation since 1994 but President Trump had threatened pull the US out, claiming that...

Canada also agreed to allow US dairy farmers to access a sliver of its highly-protected dairy market. They agreed to publish the text by the end of September. The new agreement requires that 75 percent of the parts for automobiles be made in either of the three countries.

In May, even China, which has been the most resistant of all in changing its unbalanced trade policy, announced it was cutting tariffs on imported cars and auto parts.

The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from USA anti-dumping tariffs.

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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 the USA to reclaim the supply chain that went out off-shores.

It was surprising that the United States found it easier to cut a deal with Mexico than with Canada, a longtime ally with a high-wage economy similar to America's. Both nations run an agricultural trade surplus with the U.S.

A senior U.S. administration official said the final rewrite is a "fantastic agreement" and he called it "a big win for the United States, Mexico and Canada".

Democratic U.S. Senator Amy Klobuchar of Minnesota, a border state with Canada, also tweeted: "I'm glad MN's number one trading partner Canada is back in the mix". It's less severe than the US's original demand for a sunset clause, which would have forced each side to recertify the deal every five years to keep it in effect. Canada's concessions will boost the amount of milk, cheese and cream the U.S. can ship tariff-free, including increasing fluid milk exports to 50,000 metric tons by year six of the agreement, according to the office of the U.S. Trade Representative.

Trump's hard line on trade is having an impact far beyond North America, with Japanese Prime Minister Shinzo Abe saying more automakers will be moving factories to the United States. Canada has consistently given quota on trade deals and it "would have been naive to think they wouldn't do that this time", he said.

Brian Dicken, the VP for Advocacy and Public Policy with the Toledo Regional Chamber of Commerce says, "Given a level playing field (US auto workers) can compete with anybody on producing products we want and need". "The American farmer is good at what they do", said Newby.

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