Published: Thu, October 04, 2018
Money | By Ralph Mccoy

New NAFTA 'slap in the face' to Canada's dairy sector, farmers say

New NAFTA 'slap in the face' to Canada's dairy sector, farmers say

"The negotiation will not be reopened with the United States".

"This is going to strengthen the president's confidence that his approach is right. I think Justin's a good person who's doing a good job". He also tweeted about the agreement just before midnight. That phrase can refer to many trading nations, but is understood to be aimed principally at China's opaque markets.

The deal, reached late Sunday, will govern $1.2 trillion USA in trade, making it the biggest agreement in the country's history, and marks the end of an era during which the U.S. has been "treated so badly" on trade by other countries around the world, the president said.

"There's an enormous amount of detail that has to be examined in order to determine precisely what the impact of this agreement will be now and in the future", Vilsack, the former U.S. Agriculture Secretary, said by telephone.

Trump vowed during his 2016 presidential campaign to tear up current USA trade deals, which he blamed for a loss of US manufacturing jobs. That didn't happen, and talks have continued.

"The Canadian dairy market will now be filled by surplus milk" from the U.S., Wiens said by telephone.

The replacement for NAFTA includes new provisions on digital trade and intellectual property.

That may seem like a boon for Mexico, but about 40 percent of the vehicle's overall value will by 2023 need to be derived from so-called "high wage" areas that pay $16 an hour or more.

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Pointing to his combative attitude towards China - with which the United States is engaged in an escalating trade war - Trump said his strategy was bearing fruit and that "China wants to talk very badly".

Critics of President Trump have once again been proved wrong. This landmark agreement will send cash and jobs pouring into the United States and into North America. More recently it pledged to soon reduce tariffs on a wide range of consumer goods, including apparel, washing machines and makeup.

As Bloomberg News reported, China's announcement came after the president "decided to move ahead with additional tariffs on $50 billion of imports from China, a move that could potentially derail the truce reached last week between the world's two biggest economies". China's tariffs are on USA soy, corn, cars, motorbikes and other products.

"We're disappointed", Francois Legault, head of front-running Coalition Avenir Quebec, told reporters Monday in L'Assomption, Quebec.

That being said, the tariffs are still in place for the near future.

"These measures will support many - hundreds of thousands - American jobs", Mr Trump said.

"A lot of Trump's base will be affected by rising prices for washing machines, new cars and other basic things that will be impacted by tariffs", Kurtzer, a former U.S. ambassador to Egypt and Israel, told Al Jazeera. "We are not going to allow our steel industry to disappear, it was nearly gone".

On the matter of Section 232 tariffs, Trump's trade weapon of choice, USA officials told a late-night conference call with reporters that the two sides had "reached an accommodation" on the issue.

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