Canada and the USA reached a deadline deal on a new free trade pact that will include Mexico, the governments announced late on Sunday, after more than a year of talks to revamp a pact President Donald Trump had labelled a disaster.
Trump coined a new name for the trade deal: United States Mexico Canada Agreement.
Conservative Leader Andrew Scheer called the deal a "failure" by Trudeau to achieve anything new for Canada.
"Trump's trade agreement with Mexico and Canada is a corporate giveaway meant to sharply limit the powers of government to protect people and the planet", said Doug Norlen, director of economic policy at the nonpartisan Friends of the Earth.
Canada had opposed USA demands to weaken or eliminate NAFTA'S dispute resolution mechanism, whose arbitration panels Ottawa used to resolve trade conflicts, and to defend against United States anti-dumping and countervailing duties, notably against its important lumber industry.
Canada gave up some access to its dairy, egg and poultry industries but will keep its agricultural supply management system and avoid punishing auto tariffs under the new North American trade deal. Until all three countries have formally ratified the USMCA, this isn't over.
"The economic ties between the three countries are a major contributor to each country's financial success, and no state benefits more from the NAFTA relationship than Texas". That's up from a current 62.5 percent.
Perhaps most significantly, it aims to substantially increase the share of auto and truck parts made in North America.
The administration made auto manufacturing a centerpiece of renegotiations to address outsourcing to Mexico.
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He added, the deal will close job-killing loopholes, which he says will be a great victory for American farmers, manufacturers and autoworkers.
The United States and China are locked in a spiraling trade war that has seen them level increasingly severe rounds of tariffs on each other's imports. In the end, Canada and the US overcame their differences after both sides conceded some ground, hailing an agreement that covers a region of 500 million residents and conducts about $1 trillion in trade a year. "It is imperative that the USA remains an integral player in driving the global trade agenda". The deal then would have to be approved by Congress.
"The number one thing ... we want to make sure we do now is work with our farmers, with the stakeholders ... to get the federal government to stand up for the cost of what's been negotiated in the trade agreement", Ontario Agriculture Minister Ernie Hardeman told iPolitics. His sentiments were echoed by AFL-CIO head Richard Trumka.
The new agreement also signals the Trump administration is open to keeping trade agreements with some countries alive, analysts say, although most fell short of including China in that list.
In exchange, Canada and Mexico received relief from the impending vehicle tariffs Trump might impose. Consumers are starting to feel some pain from those tariffs and others placed on Chinese imports. Because no date was given for future talks, the tariffs "will likely remain in place for the foreseeable future", Allen wrote.
Dairy was a particularly problematic sticking point in the recent negotiations as the USA and Canada both have long histories of protectionist policies such as subsidies to dairy farmers, import quotas on milk and Canadian tariffs that range from 200 percent to 300 percent for exporting too much of a given product.
Derek Burleton, deputy chief economist at TD Economics, echoed the sentiment of many in expressing relief at an agreement.
USA drug companies will also now be able to sell products in Canada for 10 years before facing competition from generics, up from eight years. That's up from eight years now.
Jim Balsillie, former CEO of Waterloo-based Research in Motion, issued a statement Monday saying that the new agreement would harm Canada's tech industry by extending intellectual-property protections.