Dairy industry to benefit from new trade agreement

Dairy industry to benefit from new trade agreement

Former US Federal Reserve governor Kevin Warsh described relations as "probably as poor as" it was before the Nixon administration opened up links between the world's two biggest economic superpowers more than four decades ago.

"USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region", Canada Foreign Affairs Minister Chrystia Freeland and US Trade Representative Robert Lighthizer said in a joint statement released late Sunday.

The USMCA agreement would also slightly open the Canadian market for US dairy products.

The Dairy Farmers of Canada say they failed to see how the trade deal would be good for the 22,000 Canadian families that depend on dairy for their livelihood.

HOPE KIRWAN, BYLINE: I'm standing in the exhibition hall at the World Dairy Expo.

KIRWAN: That's dairy farmer Katie Ziemer.

They also said it was the first time a senior United States official had delivered such a "broadside" against China on an array of issues.

ZIEMER: It's what's going to make or break us.

After Trump's accusations directed at China last week, Wang Yi, China's Minister of Foreign Affairs, rejected the charge directly while in NY for the United Nation's General Assembly. It'll help us keep continuing farming. This sweetheart deal had been threatened during the a year ago, but now appears to be solidly in place, allowing US farm products to flow tax-free across the border. NAFTA is out but the United States-Mexico-Canada-Agreement (USMCA) is in. NAFTA shuttered thousands of factories and cost upwards of one million US manufacturing jobs.

Gordon said he expects both the national and state levels of the dairy sector to have a vested interest in the trade agreement. The goal was to boost domestic sales.

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While China does maintain global efforts to influence overseas Chinese and has been accused of several high-profile cyber raids on American computer systems, there has so far been no public evidence of the sort of influence operations the USA has said Russian Federation carried out in 2016.

"We need to produce milk with no anti-biotics", said Nick Bokma.

Reaching an agreement between the three countries has been a top goal for the Trump administration since early this year. Mark Stephenson heads dairy policy analysis at the University of Wisconsin-Madison.

She said the state dairy market may grow with the new trade agreement. It was about other markets, too.

Under the agreement, Canada would drop its Class 7 pricing system, in which that country prices milk ingredients such as powdered and skim milk at a lower cost than butter.

US intelligence agencies assess that Russian Federation interfered in 2016 to boost Trump over his Democratic rival Hillary Clinton through hacking and releasing sensitive documents and social media manipulation.

The recently announced USMCA trade deal will allow tens of thousands of tonnes of US dairy products on Canadian store shelves, at the expense of shelf space now given to Canadian-made items.

And while there may not be any immediate threats on the horizon, now that Canada has negotiated agreements with most other major dairy producers, a precedent has been set and there are no guarantees it won't continue to erode.

The new lesson for USA multinationals once the US ratifies USMCA and like deals around the world: If you want to invest in a dodgy jurisdiction that doesn't play by the rules, whether a China or a Libya or a Congo or a Newfoundland, you do so at your own risk, or if you want to mitigate the risk, do so at your own expense by buying political risk-type insurance on the free market.

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