Canada compromises on trade with US, Mexico

CBS News:
The United States and Canada announced late Sunday they'd reached a deal for Canada to stay in the North American trade pact with the United States and Mexico. The announcement was made an hour before a White House-imposed deadline of midnight on Sept 30.

In a joint statement, U.S.Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the accord would be renamed the USMCA (United States-Mexico-Canada Agreement).

They asserted that USMCA would result in freer markets and fairer trade.

"USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region," the joint statement said. "It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home."

The agreement gives U.S. farmers greater access to the Canadian dairy market. But it keeps a North American Free Trade Agreement (NAFTA) dispute-resolution process that the U.S. wanted to jettison and offers Canada protection if President Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the U.S.


The president took to Twitter early Monday to sing the deal's praises:



Donald J. Trump
✔@realDonaldTrump

Congratulations to Mexico and Canada!
5:56 AM - Oct 1, 2018
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In another tweet, Mr. Trump said the new agreement "greatly opens markets to our Farmers and Manufacturers, reduce[s] Trade Barriers to the U.S. and will bring all three Great Nations closer together in competition with the rest of the world."




Donald J. Trump
✔@realDonaldTrump

....deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world. The USMCA is a historic transaction!
5:53 AM - Oct 1, 2018
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Senior administration officials speaking with CBS News called the pact a "big win" for the U.S.
Canadian and Mexican officials praised it.
....
It looks like a much fairer deal for the US than the old NAFTA deal.  It should also reassure the markets in all three countries.   Texas did much better in the old deal than many of the states in teh Midwest.  While Texas will continue to do the same deals with Mexico it has in the past those Midwestern states will probably benefit more than they did under the old agreement.

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