Trump hails new trilateral trade deal with Canada, Mexico

Trump had blamed NAFTA for the loss of American manufacturing jobs and wanted major changes to the pact which underpins $1.2 trillion in annual trade

The Trump administration has often lamented the high prices of pharmaceuticals in the USA, and in July began its broad initiative to reduce prescription drug costs, first laid out in a blueprint in mid-May.

Foreign Affairs Minister Chrystia Freeland says Canadian dairy farmers will be compensated for losses under a new trade deal negotiated by Canada, the USA and Mexico by the time the agreement takes effect.

Other trading partners had been tough on the U.S., he said, including the European Union, which introduced retaliatory tariffs on U.S. goods in June.

However, the deal still needs to be ratified in Congress, which President Trump noted could be a challenge.

"They told me they were anxious". Mr. Lloyd said lost sales due to new foreign competition is simple to calculate, but lost future exports are not.

"It's definitely a waiting game to see how things will pan out but I do think it's going to be very promising for the dairy producers in Iowa" he said.

As much as Trump has come down hard on traditional allies, it was better to revise NAFTA than to withdraw from it as Trump had considered . He said Canada did not simply accept "any deal". And, even if not all of the USMCA details are yet known, this definitely appears to be a good enough deal.

"Democrats will closely scrutinize the text of the Trump administration's NAFTA proposal and look forward to further analyses and conversations with stakeholders", House Minority Leader Nancy Pelosi said in a statement. This will let him turn his sights away from steadfast USA allies and towards significant rule-breakers like China.

This clause could be used to prevent China from trying to circumvent the steep tariffs that the USA has slapped on Chinese imports by funneling its merchandise through either Canada or Mexico.

Maritime dairy farmers are expressing disappointment in the new deal Ottawa reached with the USA and Mexico and they say this isn't the first time they've taken a big hit.

Kudlow said that the USMCA - in addition to new trade talks with the European Union and Japan - gives the USA a stronger hand to play in looming trade negotiations with China.

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In late May, the Trump administration announced tariffs of 25 percent on steel imports and 10 percent on aluminum imports, prompting quick retaliation from top trading partners including Canada and Mexico.

The agreement governs more than $1tn (£767bn) in trade and replaces Nafta, which was signed in 1994.

Trump had threatened to go ahead with a revamped NAFTA - with or without Canada.

On Clause 32, her letter dismisses concerns raised by experts that it will give the USA veto power over a future trade deal with China.

What Canada got in return, however, was the scrapping of Trump's oft-mentioned threat to impose tariffs on Canadian-made cars which, according to every economist in the country, would devastate the economy of Ontario, the hub of auto manufacturing in Canada.

The USMCA gives Trump a concrete trade victory to tout during the upcoming midterm elections.

"But, there is also no question that now that we have moved forward on a USMCA, we will continue to work on things that benefit our workers, benefit our citizens and take on the world together as a North American market", he said. Trump said he spoke to Trudeau by phone and told reporters that their recent tensions didn't affect the deal-making.

"I don't like NAFTA, I never liked it", Trump said Wednesday. Canada exports more parts than completed vehicles to the USA, although Fiat Chrysler Automobiles, Ford, General Motors, Honda, and Toyota have large vehicle assembly plants in Ontario.

The quota would allow for significant growth in tariff-free automotive exports from Canada above current production levels of about 2 million units, safeguarding Canadian plants.

New York's dairy farmers were among those foiled by Canada's Class 7 trade category, which stopped American products based in whey protein and dry milk products from entering the Canadian market.

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