FLASH: Canada Has Agreed to Join The Trump Free Trade Deal
Canada has agreed to join the trade deal that the US and Mexico announced last month which preserves the 3-country format of NAFTA and delivers a major win for The Trump Administration.
- Midnight Deadline Loomed for Canada in Free Trade Talks
The US, Mexico, and Canada came to a late-hours agreement Sunday to create a tri-lateral trade deal to replace NAFTA that is being deemed the USMCA, US-Mexico-Canada Agreement.
Senior Trump administration officials briefed reporters late Sunday night on the new deal, just one hour before the Midnight deadline set to send a US-Mexico deal to Congress.
The USMCA “includes ambitious new market access provisions for our farmers and ranchers,” according to officials. It also includes provisions to make sure the deal does not get “stale and outdated”
Canadian Foreign Affairs Minister Chrystia Freeland postponed her UN speech as free trade talks between the US and Canada intensified.
FM Freeland had been scheduled to deliver Canada’s address to the General Assembly Saturday in New York, but Canada exchanged the slot with another country.
Ms. Freeland may or may not give the speech Monday.
A senior Canadian government official said they are making progress in the talks but said it is not certain that they will reach a deal soon.
Canada officials say it will only sign a good deal.
Canada, the United States’ #2 trading partner, was left out when the US and Mexico reached an agreement last month to revamp the North American Free Trade Agreement (NAFTA).
The US and Canada are under pressure to reach a deal by Midnight Sunday, when the US must make public the full text of the trade agreement with Mexico.
Among other things, the negotiators are battling over Canada’s high dairy tariffs. Canada also wants to keep a NAFTA dispute-resolution process that the US wants to 86.
US-Canada talks bogged down earlier this month, and most trade analysts expected the 30 September deadline to come and go without Canada being reinstated.
They suspected that Canada, which had said it is not bound by US deadlines, is trying to delay the talks until after provincial elections Monday in Quebec, where support for Canadian dairy tariffs runs high.
The United States has put heavy pressure on Canada, saying there would “consequences” if it did not reach an agreement by the end of the day Sunday.
President Trump has threatened to start taxing Canadian auto imports.
Relations between the 2 neighbors have been strained since President Trump assailed Canadian Prime Minister Justin Trudeau at the G-7 meeting in June, calling him “weak” and “dishonest.”
Have a terrific week.
Latest posts by Paul Ebeling (see all)
- Archer Entertainment Announces Film & Television Slate - December 13, 2018
- The Street’s Key Stock Analysts Research Reports - December 13, 2018
- In Asia: Gold Flat, USD Weakening, Stocks Rising + Commodities - December 13, 2018