Canadian Dairy Farmers Not Pleased With NAFTA replacement

Canadian Dairy Farmers Not Pleased With NAFTA replacement

"U.S. President Donald Trump has hailed his revamped North American trade deal with Canada and Mexico, saying it will help boost the U.S. economy".

Canada and the USA reached a tentative NAFTA deal Sunday that one source briefed on talks said would give American farmers major new access to the dairy market here, but preserve the dispute-resolution system the United States wanted to scrap.

Foreign Affairs Minister Chrystia Freeland says all farmers in supply management systems will be fairly compensated for the additional market access being given to trading partners in the deal. Canada also agreed to open up some of its dairy market to United States producers. In addition, Canada will get rid of the "Class 7" pricing system that was seen as disadvantaging U.S. farmers.

Donald Trump says the new trade deal struck with Canada and Mexico is "the most important" ever agreed by the US.

Federal cabinet ministers were summoned to a late September 30 meeting at the Prime Minister's Office near Parliament Hill, while the White House convened its own late-night trade briefing conference call just an hour before the midnight deadline.

Referring to his trade war with China, Trump told reporters at a White House news conference that China wanted to talk to the USA very badly, but he was not ready yet.

The pact also gives the USA greater access to Canada's dairy market.

"We have always just focused on the reality that this is a good deal for everyone and we've always believed that we were going to get here", Freeland said.

Already engaged in numerous trade disputes across the globe, Donald Trump has slammed India as a "tariff king" that is clinging to the "privilege" of trading with the United States and struggling to negotiate a deal to appease Washington.

Trump said he spoke earlier today with Trudeau and outgoing Mexican president Enrique Pena Nieto, and also extended thanks to Pena Nieto's replacement, Andres Manuel Lopez Obrador. "They didn't want to make a deal with anybody else", he had said.

"In short, we think this is a fantastic agreement for the United States but also for Canada and Mexico".

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"We got the right deal".

US administration officials said the deal provides increased access to Canada's dairy market for USA producers and limits the American impact of Canada's controversial supply management system for dairy and poultry products. Under Trump, the US has complained to the World Trade Organization that China should not be considered a "market economy". But analysts say the new deal doesn't look very different from the trade dynamics that have governed the USA and its neighbors for decades.

"This is a very very big deal for our farmers".

Trump had made criticism of NAFTA a centerpiece of his successful 2016 election campaign, terming it the worst trade deal in history and blaming NAFTA for the loss of American manufacturing jobs since it went into effect in 1994.

"There was a lot of tension between he and I ... but it all ended around 12 o'clock last night" when the new deal was reached, Trump told a news conference in the White House Rose Garden.

"China wants to talk, very badly. It's true. They have to keep us happy, because they understand that we're wise to what's been happening", Trump claimed on Monday.

A side letter published along with the main text of the agreement exempts a percentage of eligible auto exports from tariffs. It will then need to be ratified by congress.

Most news reports say the issues that are outstanding can be breached and there is an optimistic tone, so there could be an opportunity to buy the Canadian dollar if liquidity is ample and if it hasn't moved to far.

Dan Ujczo, an global trade lawyer with USA law firm Dickinson Wright, said the tariffs would only apply to vehicles which do not meet country-of-origin rules.

Peter Clark, an Ottawa trade consultant, said the U.S.is trying to "control our negotiations with China" with an unusual provision that had not been discussed publicly until now.