Trump says USMCA doesn’t lift steel, aluminum tariffs

Trump hails 'most important ever' US-Canada-Mexico trade pact

Analysts had warned the tariffs threatened to curtail economic growth and the creation of new jobs across the region, although Trump said the USMCA deal would not have been done without them. The so-called U.S. -Mexico-Canada Agreement, or USMCA, still needs to be approved by Congress and the legislatures of Canada and Mexico before it's implemented.

WATCH above to hear Toronto Sun columnist Lorrie Goldstein break down the new NAFTA reboot with our host Mark Daniell and if Canada comes out a victor or loser out of this deal.

He argues that in addition to recent trade agreements with Pacific Rim countries and the European Union, reduced access actually amounts closer to 10 per cent.

For Trump, the agreement reached in the weeks before the November congressional elections offers vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation.

US President Donald Trump on Monday said a new free trade agreement with Canada and Mexico would support hundreds of thousands of US jobs, marking it as a victory in his push to reshape the lines of global commerce.

The new pact will require regional content of 75 percent for automobiles, and also that 40 to 45 percent of vehicles coming to the U.S.be produced in plants paying at least $16 per hour.

The agreement gives US farmers greater access to the Canadian dairy market. Thus the dairy market became a hard point in NAFTA negotiations, with Canada eventually conceding on the issue.

The text of the United States-Mexico-Canada Agreement is 1,809 pages long - about 100 more than NAFTA - and includes numerous tweaks from its predecessor, both big and small.

Canadian Prime Minister Justin Trudeau said the trade deal was "profoundly beneficial" to Canadians. Trudeau said he would have more to say Monday.

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"NAFTA has been an unequivocal success story for American agriculture, opening markets that since enactment have become vitally important to US corn farmers, and providing certainty to farmers and the rural economy", Lynn Chrisp, president of the National Corn Growers Association, said in a press release.

For me, anything above 1.2850 is a good spot to sell because the pair's likely to fall further if a deal gets done. Mexico's economy minister has said the country hopes to resolve the steel and aluminum tariffs before the USMCA is signed. Americans avoided a 25 percent tariff on Canadian-made cars, but may still see an increase in prices because of new manufacturing and labor agreements. A deal that left one of them out could cause chaos for businesses that rely on trade between the countries.

Canada's high tariffs on most US dairy products had become the main point of contention that had stalled the negotiations for months, making the prospect of Canada joining the US-Mexico deal, struck in August, increasingly feeble.

Canada's automakers appear to be the big winners from a renegotiated trade pact between Canada, the US and Mexico, while steel and aluminum makers and dairy producers have less to celebrate.

"We will be manufacturing many more cars", Trump said, because companies will now stay within the United States and can employ American workers. The investor-state dispute-settlement system, which allows investors to bring grievances against member-country governments, will be phased out for the USA and Canada, while certain industries such as energy will be able to bring cases against Mexico.

He said it was "privilege" for other countries to trade with the US: "So we have negotiated this new agreement [with Mexico and Canada] based on the principle of fairness and reciprocity - to me it's the most important world in trade, because we've been treated so unfairly by so many nations all over the world".

In 1988, Trump was a real-estate mogul in NY, speaking out frequently against free trade, particularly between the United States and Japan. Canada is by far the No. 1 destination for USA exports, and the US market accounts for 75 percent of what Canada sells overseas. Canadian sources said the Canadian government was prepared to offer compensation to dairy farmers hurt by the deal.

But the president said his administration had not yet agreed to lift tariffs on steel and aluminum imports from Canada, a contentious issue between the two neighbors.

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