NAFTA REBOOT FOR DUMMIES: How does new trade impact Canadians?

04 Octobre, 2018, 15:13 | Auteur: Auguste Feret
  • NAFTA REBOOT FOR DUMMIES: How does new trade impact Canadians?

The breakthrough should be welcomed in the markets, where worries over trade wars have weighed on sentiment for months. It's unlikely that will quadruple over the next four years.

WASHINGTON: US President Donald Trump sought to patch up any lingering bitterness with Canadian Prime Minister Justin Trudeau Monday, calling him a "good man" after they agreed on a new trade accord.

Trump said the Nafta rewrite would not have been reached without tariffs, adding that, even though possible tariffs have given the United States strong trade leverage, the country may not need to use them. The former reality television star threatened to raise that by another $267bn.

"I don't like NAFTA, I never liked it", Trump said Wednesday. "If politically, people force it too quickly, you're not going to make the right deal".

The main areas of contention that have arisen through the deliberations have been: rules of origin for autos, the Chapter 19 dispute resolution mechanism, more US access to Canada's supply managed dairy sector, the prospect of the deal including a sunset clause, and protecting Canadian cultural industries.

Observers also suggested that the USMCA clause may be created to send a message to Beijing that the United States' North American partners support its push to get China to clean up its practices and open its markets.

Over the course of the talks there have been several moments where it seemed a deal was imminent. "I just don't think it gets wiped away and resolved with an agreement in principle on the trade agreement".

USMCA also restricts its signatories from entering a free-trade agreement with a "non-market economy". That phrase can refer to many trading nations, but is understood to be aimed principally at China's opaque markets.

Armistice entre Washington et Ottawa — Aléna
Une fois les récents accords commerciaux [1] en vigueur, les importations prendront environ 18 % du marché canadien. Les libéraux, au pouvoir depuis 15 ans, pourraient en effet être battus par la Coalition avenir Québec (CAQ).

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Trump embraced the U.S. -Mexico-Canada Agreement during a Rose Garden ceremony, branding the pact the "USMCA". "China hit back at that, with a foreign ministry spokeswoman saying on Wednesday that China would respond accordingly if the US insisted on unilateral measures". That didn't happen, and talks have continued.

"It's a great win for the president and a validation for his strategy in the area of worldwide trade", a senior Trump administration official said.

Among them, Trump includes: fairer market conditions for American farmers, tough environmental and labour rules, and enhanced innovation and intellectual property protections. How do they oppose more jobs and higher wages for American workers?

"It's a great win for the president and a validation for his strategy in the area of global trade", a senior administration official told reporters.

Critics of President Trump have once again been proved wrong. "It means far more American jobs, and these are high-quality jobs".

Washington sharply escalated the trade row in September with more tariffs, this time on Chinese goods worth $200bn.

The 25 percent steel and 10 percent aluminum tariffs were implemented in March.

As Bloomberg News reported, China's announcement came after the president "decided to move ahead with additional tariffs on $50 billion of imports from China, a move that could potentially derail the truce reached last week between the world's two biggest economies". "China is, of course, a place where we continue to have discussions". Mexico agreed to allow imports of certain United States cheeses. Many US firms and industry groups say tariffs hurt US businesses. "These measures will support many - hundreds of thousands - American jobs", Trump said in remarks at the White House.

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