Canada and United States agree last-minute trade deal

Combined-Total-Monthly-US-NatGas-Exports-vs-Imports-from-Canada-and-Mexico-20181001

Combined-Total-Monthly-US-NatGas-Exports-vs-Imports-from-Canada-and-Mexico-20181001

"These measures will support many - hundreds of thousands - American jobs", Trump said in remarks at the White House.

"I think President Trump deserves praise for renegotiating trade deals that have hurt people of this region for decades".

The Canadian dollar jumped to a four-month high in response to the deal. The S&P 500 Index climbed 0.6 per cent by 12:29 p.m.in NY.

The loonie traded higher at 78.13 cents United States compared with an average of 77.25 cents USA on Friday. "And our companies won't be leaving the United States, firing their workers and building their cars elsewhere".

The agreement also exempts tariffs on 2.6 million cars.

Morneau says Canada is working to ensure producers are protected from potential diversion of steel and aluminum from other countries while also balancing the needs of users.

Unifor, Canada's biggest private sector union, said the deal was likely positive for auto workers, as it requires a much higher percentage of parts to be made in North America, with a significant proportion produced in areas paying at least US$16 per hour.

He called the USMCA a positive deal for Canada overall.

"Canadians won't forget Trump's disgraceful treatment of Canada". Revamping NAFTA was a key promise of his 2016 election campaign.

Some lawmakers immediately expressed relief that Canada had been reinstated in the regional trading bloc.

Apart from the imposition of USA tariffs on the local market, Jiang describes as a "murderous clause" the one that allows US control over Canadian diplomacy included in Article 32.10 of the Free Trade Agreement (NAFTA) with non-market-economy countries, something adjusted to China.

Many economists have said Trump's tariffs will push up costs for American consumers and business and ultimately produce a drag on the USA economy.

A deal seemed imminent, worrying those within the USTR who were convinced they weren't yet done, said the source.

Several meetings then followed, with no deal reached. IMF chief Christine Lagarde said the fund is poised to cut the global growth outlook, with its next update to the forecast due next week. "There are a lot of things unresolved", she said.

Some Democrats may be reluctant to give Trump a victory and may oppose the deal, but some of the deal's stronger rules on labor, autos and the environment may appeal to more liberal Democrats, who often opposed free trade deals in the past.

On currency, the USMCA does something not heretofore seen in trade agreements, which is make provisions on currency enforceable in trade disputes.

"The deadline is midnight tonight to get the text into Congress to make sure this goes forward".

"We've done this in 14 months", said Lighthizer during a press conference about the agreement.

Also, American financial services will be allowed to compete with local financial services in Canada and Mexico, getting most-favored nation treatment.

Not too long ago, Trump was flinging insults at Trudeau over Twitter, taunting him as "very dishonest & weak" and "meek and mild" in June as he left a G7 summit in Canada that the prime minister had hosted.

Whatever the legitimacy of his tariffs, by imposing and threatening them on national security grounds, Trump created leverage for himself.

The leaders of all three nations are preparing to sign the agreement before the end of November - possibly at the Group of 20 summit in Buenos Aires, according to Mexican officials.

Canada will now have to import slightly more USA dairy, foreign vehicle companies will need to use a slightly higher percentage of American-made auto parts to be exempt from tariffs, and the countries will now use an updated intellectual property standard that was already in the Trans-Pacific Partnership (TPP) before Trump pulled the US out of it a year ago.

Where will Canada focus its efforts now that a new North American trade deal has finally been agreed upon?

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