How the new USMCA deal will affect you

Canada and US agree last-minute trade deal

The 11th-hour deal was reached late Sunday after more than a year of tough negotiations to replace a 24-year-old trade pact that US President Donald Trump had labeled a "disaster".

"Calling the new accord "truly historic news for our nation - and indeed, for the world", the USA leader said he hoped to sign it by the end of November".

Speaking at the same press conference, Robert Lighthizer, the US trade representative, said the free-trade deal and the metal tariffs "are two separate things".

The omission was notable after a lengthy spell of negotiations that has seen tensions grow between Canada and the U.S. I'd like to know what the specifics of that are; I don't necessarily take them at their word that it's all going to work out for the Canadian farmer.

But those principles of "fairness" and "reciprocity" can look very different depending on which workers or industries you're talking about.

"This new agreement is significant, as it will keep our manufacturing supply chains strong throughout North America".

"These measures will support many - hundreds of thousands - American jobs", Trump said at the White House, describing the trade deal as "the most important" the United States had ever made.

The United States-Mexico-Canada Agreement unveiled on Sunday night has provisions that are expected to benefit the US and Canadian auto industries, including requiring 75 per cent of a vehicle be produced in North America, up from 62.5 per cent, and USA quotas that are far above Canadian exports.

The joint US-Canada statement did not include details of the revised terms.

The United States already tends to own a lot of copyrights, according to Laura Dawson, director of the Wilson Center's Canada Institute.

Canadian Agriculture and Agri Food Minister Lawrence Mac Aulay arrives for an emergency cabinet meeting on the Nafta negotiations
Trump hails 'wonderful new trade deal' with Mexico and Canada

Canada has strictly controlled imports for decades to limit the supply of milk in the country.

Mr. Trudeau and Ms. Freeland pointed to several provisions in the new accord they say were positive for Canada, most notably the preservation of the so-called Chapter 19 dispute resolution panel in NAFTA that the USA had demanded be scrapped.

"This is a pretty narrow deal". Perrin Beatty, the president of the Canadian Chamber of Commerce, said his group was "delighted" by the apparent deal. "It actually complicates certain aspects of the auto sector production and trading".

The USMCA deal did not bring about the removal of US 232 tariffs on steel or aluminum from Canada or Mexico.

The U.S. medical device industry seems to have chalked up some victories.

Ottawa and Washington remained at odds over Canada's subsidized dairy sector, and the dispute resolution provisions in NAFTA.

It "decreases US sovereignty", said Jeff Francer, general counsel for the Association for Accessible Medicines, a lobbying group for generic drug makers.

But Canada also had to agree to offer more access to its highly protected dairy market, which infuriated the influential farming lobby.

And while the two agreements are quite similar, two of the most notable changes include Canada agreeing to grant USA farmers greater access to its dairy market and limit its automotive exports to the US. "We got a deal that I think most Canadians can live with". Also, now that a tentative trilateral agreement has been reached, the dairy organizations urged the governments of the three nations to remove their tariffs on agricultural exports - as well as steel and aluminum - that have been sticking points in relations between the United States, Mexico and Canada. But these part requirements mean that companies might not be able to obtain them as freely, which could mean higher manufacturing costs.

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