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. I think you will find the comparison doesn't flatter the deal struck with Trump and Mexico.
Mexico's new president-elect, however, said in an interview Friday that he has agreed to push the American side to make a deal with Canada.
The rewrite "will result in freer markets, fairer trade and robust economic growth in our region", according to a joint statement from US Trade Representative Robert Lighthizer and Canada's Foreign Affairs Minister Chrystia Freeland. "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 agreement reached Sunday gives U.S. farmers greater access to the Canadian dairy market.
Peter Navarro, an adviser to Trump on trade, told Fox News: "Everybody is negotiating in good faith right now as we speak".
Auto tariffs would substantially hurt Canada, a major auto exporter.
Ottawa and Washington remained at odds over Canada's subsidized dairy sector, and the dispute resolution provisions in NAFTA. Chapter 19 allows countries to challenge each others' anti-dumping decisions in front of an expert panel.
Canadian government officials and outside stakeholders from industry and labour groups who were consulted throughout a weekend of intense talks said negotiators had made "progress" Sunday on key points that had been in dispute. Trump imposed tariffs on metal goods from Canada starting on June 1, and criticized Trudeau as "meek and mild" from Air Force One while leaving the G7. WTO-bound tariff rates would then apply.Under that scenario, Canadian exporters could face an additional U.S.$3.5-5 billion in customs duties, equivalent to the value of 1.25 to 1.8 per cent of current exports.
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"We think this is a fantastic agreement for the United States but also for Canada and Mexico", one of the officials stated.
Meantime, congratulations were being offered among key stakeholders who have been on the edge of their seats to see if Canada and the United States would find common ground. The procedure was essentially a fast-track version of the World Trade Organization's dispute settlements but only applied to the three NAFTA members. Trump also threatened to tax Canada's auto exports into the United States if it did not agree to America's demands. He said he didn't know if a deal would be reached Sunday.
USA and Canadian negotiators have been negotiating around the clock this weekend to make a Sunday midnight deadline that would allow the countries to sign the deal as the final act before Mexico's outgoing President Enrique Pena Nieto leaves office at the end of November. Trump is renegotiating NAFTA under what is known as Trade Promotion Authority.
The deal also requires greater use of American and Mexican steel, aluminum, glass, and plastics.
Officials are talking continuously by telephone.
"We celebrate a trilateral deal".
Trudeau fired back: "We won't sign a bad deal for Canada".
The main Quebec parties and farmers´ organizations are in favor of retaining the "supply management" system, which controls the production and price of milk and poultry and ensures stable incomes for Canadian farmers. The new deal likely won't be voted on by the U.S. Congress until 2019.