Economy

Dairy farmers slam new trade deal

Dairy farmers slam new trade deal”

America's free trade pact with Mexico and Canada may be alive, but the same can't be said for the NAFTA moniker.

British Columbia's wine and dairy industries received the news of the new trade deal with the US and Mexico with much chagrin.

The President held the press conference after earlier issuing tweets claiming the new trade pact solves the "deficiencies and mistakes" in Nafta.

As others have written since then, this early opposition to trade would only get wider and deeper for Trump, leading to his fierce feelings against NAFTA and, eventually, the emergence of this new deal. Canadian, U.S. and Mexican politicians have been negotiating for months over what to keep, what to lose and what to compromise within the agreement, which oversees all trade relations between the three countries. As for how one should say the name, Trump didn't read it as a word a la NAFTA but spelled the letters out: U-S-M-C-A.

Details on the deal remained sparse, but USA administration officials say it provides increased access to Canada's dairy market for US producers and limits the American impact on Canada's controversial supply management system for dairy and poultry products.

The new agreement made big changes for auto manufacturers in hopes of ensuring more of those products are made in North America.

The agreement, reached on Sunday night, protects Canada's automotive industry from potentially devastating USA tariffs, but includes no assurance that Washington will lift punitive measures it imposed on Canadian and Mexican steel and aluminum in June. For example, it opens up about 3.5% of Canada's protected dairy market to U.S. farmers and allows Canadians to purchase five times the amount of foreign products online without paying an additional import tax.

The access to Canada's dairy market will closely mirror what was given under recently negotiated agreements between Canada and the European Union and a separate one with Pacific countries, the Canadian official said.

"There were moments that were frustrating and hard and I was delighted that it all came together in the last while, because I think it removes a lot of uncertainty", MacNaughton said.

Business groups largely praised the new agreement, which maintains Canada's duty-free access to the huge and profitable North American market.

Canadian dairy farmers immediately panned the renegotiated deal, saying it will undercut the industry by limiting exports and opening up the market to more American products.

Meanwhile, the president said he would continue to employ tariffs on other countries only in instances where the governments are "absolutely not willing to do what's fair and reciprocal".

Trump called the deal the "most modern, up-to-date and balanced trade agreement" in United States history.

Trump acted as if NAFTA was a deal he didn't need, and that got the attention of Mexico and Canada.

Alongside changes to the dairy market in Canada, officials said it includes stronger protections for workers, tough new environmental rules, and updates the trade relationship to cover the digital economy and provides "groundbreaking" intellectual property protections. "We've lost so many jobs over the years under NAFTA", he said.

Mr Trump said the deal was a victory for farmers, auto workers and the U.S. manufacturing industry: "It means far more American jobs, and these are high-quality jobs".

Canada wanted Trump to stop his 25 per cent tariffs on Canadian steel. They're not sure what this means for the future of their farm, but they're pretty sure Americans gaining more access to the Maritime dairy industry will mean a financial hit. The agreement also exempts tariffs on 2.6 million automobiles. One letter promises Canada will be exempt from any future USA tariffs imposed on automobiles and auto parts as a matter of national security.



Like this

loading...
loading...

Latest


02 October 2018
Petrol price crosses Rs 91-mark; cooking gas above Rs 500
Sector experts also attribute the high domestic fuel prices to the high rate of excise duty across the country. Among the other cities, a litre of petrol costs Rs 85.65 in Kolkata , Rs 87.18 in Chennai , Rs77.34 in Panjim.

02 October 2018
'Aggressive' Chinese destroyer came within 45 yards of USA warship
U.S. officials characterized the incident as "unsafe", as the Chinese warship sailed within 45 yards of the USA naval vessel. China's Defence Ministry said a Chinese naval ship had been sent to warn the US vessel to leave.

02 October 2018
Recep Erdogan opens huge mosque in Germany amid rival rallies
Erdogan spoke Saturday at the ribbon-cutting for a mosque in Cologne belonging to the Turkish-Islamic Union for Religious Affairs. The mosque visit followed a state banquet Friday that many German opposition politicians skipped.

02 October 2018
Manuel Pellegrini insists West Ham United's owners always had his back
David Moyes and Louis van Gaal were both dismissed after failing to qualify and United are already five points off the top four. Sanchez, 29, was hauled off during a 1-1 draw with Wolverhampton Wanderers the previous weekend.

02 October 2018
Pogba and Sánchez face Manchester United exit?
Mourinho refused to disclose whether he had met with United's executive vice-chairman Ed Woodward since Saturday's defeat. "I think that some care more than others", he said.

02 October 2018
Instagram model shot dead at wheel of Porsche in Baghdad
Ahmad al-Basheer, an Iraqi satirist who lives in exile in Jordan after having faced death threats, condemned the murder of Fares. Her YouTube page, where Fares would post fashion tips, makeup tutorials and video blogs, has nearly 100,000 subscribers.

02 October 2018
Ask him, he wrote it! - Mourinho brushes off Zidane reports
Jose Mourinho has become an isolated figure at Old Trafford after clashing with more of his Manchester United stars. "I look at my team, whatever the other team is doing is not our stuff".

02 October 2018
Rockies, Dodgers Playing Game 163 At Dodger Stadium To Decide NL West
Jesse Chavez pitched two outstanding innings in the sixth and seventh, but Joe Maddon's bullpen melted down when he left the game. Any tiebreakers would be one-game matchups Monday and would be played at Wrigley Field and Dodger Stadium.

01 October 2018
GE's Flannery steps down as CEO, shares jump 15 percent
The company, a bellwether for manufacturing, also announced a $23bn impairment charge against the value of its power division. The Boston-based company's shares closed at $11.29 on Friday, with a total market capitalization of about $98 billion.

01 October 2018
Elon Musk Settles With SEC, Quits As Tesla Chairman
This SEC run-in may prove the white knight to a Tesla in distress, shackled to the whims of a stretched-too-thin executive. Tesla jumped as much as 19% to $315.45 at 7:45 am NY time, more than enough to offset Friday's 14% plunge.