Thursday, 18 October, 2018

Dems take cautious approach to Trump trade deal

Canadian and US negotiators reached a deal late on Sunday on reforming the North American Free Trade Agreement after more than a year of talks Canada and US agree last-minute trade deal
Leonard Rios | 02 October, 2018, 21:00

Prime Minister Justin Trudeau said he spoke with the US President Donald Trump this morning.

US President Donald Trump on Monday said a new free trade agreement with Canada and Mexico would support hundreds of thousands of US jobs, marking it as a victory in his push to reshape the lines of global commerce.

-Mexico-Canada trade deal, saying President Trump "deserves praise" for trying to improve upon the old NAFTA.

On the matter of Section 232 tariffs, Trump's trade weapon of choice, US officials told a late-night conference call with reporters that the two sides had "reached an accommodation" on the issue.

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

"Though markets were already anticipating an agreement, one source of worry will be swept away if a deal is made", Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo, said.

Pena Nieto will be replaced by President-elect Andres Manuel Lopez Obrador, whose incoming administration said the deal would offer more certainty for financial markets, investment and job creation.

The United States and Canada forged a last-gasp deal on Sunday to salvage NAFTA as a trilateral pact with Mexico, rescuing a three-country, $1.2 trillion open-trade zone that had been about to collapse after almost a quarter century.

Juan Carlos Baker, Mexico's under secretary of foreign trade, is expected to present the details of the agreement to the Mexican senate, according to the Times.

The deal opens up market access for US farmers who want to bring dairy, eggs and poultry into Canada - what some in those supply-managed sectors are describing as a serious blow - but made no major concessions on the import and export of beef, pork and grain.

Mexico's chief negotiator for the North American Free Trade Agreement Jesus Seade speaks during a news conference in Mexico City, Mexico, Oct. 1, 2018.

North Korea has as many as 60 nuclear weapons, warns South Korea
In 2015, two South Korean soldiers were maimed by what Seoul said was a North Korean landmine, an accusation the North denied. This image depicts South and North Korean troops participating in a landmine removal operation in the Demilitarized Zone .

Canada reaches 11th-hour NAFTA deal with U.S., Mexico
Canadian Prime Minister Justin Trudeau has said repeatedly that Chapter 19 is a "red line for Canadians" that can not be crossed. Canada was left out when the USA and Mexico reached an agreement last month to revamp the North American Free Trade Agreement .

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Prime Minister Benjamin Netanyahu exposes files that prove Iran's nuclear program in a press conference in Tel Aviv, on April 30, 2018.

"It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home".

But as you would expect of an economic compact drafted before the internet, email and mobile phone use became part of every facet of life, it was due for a renovation to accommodate changes in these North American economies.

At first glance, it looks as if the "modernization" aspects of the agreement are as good as or slightly better than what was in the Trans-Pacific Partnership (TPP), a proposed deal that collapsed after a U.S. withdrawal under President Trump.

Mulroney, who negotiated the original NAFTA, said he had not yet studied the full text.

The officials declined to say how large a share of the Canadian market would be open to US dairy products.

Former prime minister Brian Mulroney welcomed news of an agreement in a statement Monday, calling it a "highly significant achievement for Canada, while benefiting all three countries as it should".

What began as a marathon in the summer of 2017 ended in a flat-out sprint as negotiators in Ottawa and Washington worked around the clock to put the finishing touches on language adding Canada to the deal reached over the summer between the US and Mexico. Dale notes that Canada sends only about 1.8 million automobiles to the United States annually, meaning the agreement would leave the Canadian auto industry unscathed, and with some wiggle room for good measure.

In the end, for Canada, it came down to making a few acceptable concessions in order to keep the most important aspects of NAFTA in place and win guarantees in key areas, including autos and culture. "By doing so, it is slowly bleeding Canada's dairy sector".

Canada wanted the U.S.to drop the tariff - along with a 10 percent import tax on another construction-relate material, aluminum - as part of the new deal. It was unclear, however, whether he had authority from Congress to pursue a revamped NAFTA with only Mexico, and some lawmakers said they wouldn't go along with a deal that left out Canada. "It's a privilege for them to do business with us", he said.

He won a big concession by persuading Ottawa to take steps to open up its highly protected dairy industry - which has long blocked US competition with import quotas and tariffs as high as 300 percent.

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