The new trade deal that the United States, Canada, and Mexico have agreed to prevents Canada and Mexico from creating a free trade agreement with China without USA approval, Reuters reported. The trade pact will now be renamed the "United States-Mexico-Canada Agreement" or USMCA.
Wenweipo, a pro-Beijing newspaper based in Hong Kong, ran an article on October 2, titled, "Canada and the U.S. Got What They Need and Mexico is the Loser", arguing that the terms of the new agreement were akin to concessions that would hurt Mexico's economy.
"What's more important than whether there's going to be a huge new gusher of investment", he adds, "is it prevents an erosion of the manufacturing base in the United States and OH by tearing apart the North American production system".
"It doesn't have to be a full-fledged free-trade agreement to be a useful conversation", he said.
Joseph Galimberti, president of the Canadian Steel Producers Association, said he expected Canada's government to continue to support the industry after the USMCA breakthrough. That is, automakers will enjoy zero tariffs if 75 percent of auto parts making up their automobiles are manufactured in Canada, Mexico, and the United States, an increase from the original threshold of 62.5 percent under NAFTA.
"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", the statement said.
President Donald Trump has said he wants to go ahead with a revamped NAFTA - with or without Canada.
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By Tuesday, even Trump seemed to be in on the joke as he explained USMCA to a convention of electrical workers: "Like YMCA or U.S. Marine Corps with an A at the end".
"The US in its trade deals has lost on average nearly $800 billion a year". "The government has said repeatedly that it values a strong and vibrant dairy sector-they have once again put that in jeopardy by giving away more concessions".
Farmers in the United States would also gain greater access to Canada's dairy market through the deal.
President Donald Trump reportedly accepted the new deal while Canadian Prime Minister Justin Trudeau held a late-night meeting with his Cabinet in Ottawa. "It's more about the outcomes and the implications, I think, for most people", he said. Many congressional Democrats have been critical of NAFTA, blaming it for spurring offshoring of jobs to Mexico, with its low wages and poor labor rights.
In Trump's view, the new deal and promise of more around the world shows that he has kept his campaign promise of putting "America first".
"They haven't been given the sound bites, I guess, but you had some Democrats say this is really wonderful if he really got all of that". This will create high-quality jobs and strictly enforce the rule of origin requirement, he added.