Federal government and Ontario spar over USMCA trade deal

Senator Toomey Statement on Proposed U.S. Mexico Canada Trade Agreement

Trump and Trudeau agree on a revised NAFTA deal

The U.S. and Mexico reached a consensus weeks ago, leaving Canada racing to meet a midnight deadline on September 30th to stay in the trilateral agreement.

President Donald Trump slammed Chrystia Freeland, Canada's Foreign Minister and the country's top trade negotiator, during an exclusive dinner just days before the U.S. and Canada reached a new trade agreement.

The deal largely keeps the framework of NAFTA intact, with some changes.

Federal Finance Minister Bill Morneau says Canada's new trade deal will bring more economic stability, even as the government works to fairly compensate dairy farmers and deal with the dissatisfied steel and aluminum industry.

USMCA will open up some of Canada's dairy market to US farmers. "So by eliminating that, we're hopeful that those products will again be allowed to be exported into Canada".

Perhaps the most visible and immediate impact will be on Hoosier dairy farms.

John Weekes, Canada's chief NAFTA negotiator in the early 1990s, said the new clause is no different from the pact's original clause that gives any country the right to terminate the agreement on six-month's notice for any reason. The deal is likely to come into force by 2020, as it will have to be approved by Congress which will vote while it is in session next year.

Saudi oil output reaches record highs, cooling oil prices
Speaking at a campaign rally in Mississippi, Trump said: "I love the king, King Salman, but I said, 'King, we're protecting you". Trump said, in his -N General Assembly speech in NY last month, that OPEC members were ripping off the rest of the world.

Daniel Ujczo, a trade attorney with the Dickinson Wright law firm who has followed the talks closely, said he expects the United States to get more access to the Canadian dairy market.

U.S. Trade Representative Robert Lighthizer and White House adviser Jared Kushner have been updating Trump throughout Sunday on the talks, a U.S. source said.

"We haven't seen the negotiated texts of the language that's being put out there for the agreement and I do look forward to going through that very specific text", said Ernst.

NAFTA tore down most trade barriers between the United States, Canada and Mexico, leading to a surge in trade among them. However, one of its harshest critics has been none other than the President of the U.S. - Donald Trump; who publicly showcased his disdain towards the agreement stating that it took unfair advantage of the United States.

In August - more than a year into the negotiations - the United States and Mexico announced they had reached a two-way deal, after breaking away for bilateral talks on their outstanding issues.

A spokesman for Jim Carr, Canada's new minister for global trade diversification, said nothing that Canada agreed to in the USMCA would hamper the ability to pursue trade a trade agreement with China.

This article of the agreement also defines a "non-market" country as "a country that on the date of signature of this agreement at least one Party has determined to be a non-market economy for purposes of its trade remedy laws and is a country with which no Party has a free trade agreement". And I think honestly we're still working through it. "We need to review and resolve the details of the agreement when they are available".

Latest News