Canada, US secure revised NAFTA deal in last minute effort

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Jersey cows at Silver Spring Farm in Syracuse.

Mexican steel producers association Canacero welcomed the new trade pact, called the United States-Mexico-Canada Agreement (USMCA), but said it viewed "with concern" the ongoing steel dispute and the "serious situation" it created for the industry.

NAFTA is out, USMCA is in.

U.S. farmers will have access to about 3.5 percent of Canada's dairy market, Reuters reported, citing sources.

The trade impasse was overcome after both parties made some concessions, with Canada agreeing to grant USA farmers greater access to its dairy market and limit its automotive exports to the US.

Canada also won protection from any future US auto tariffs, but the details of those protections were not clear. "So by eliminating that, we're hopeful that those products will again be allowed to be exported into Canada".

Canada has made some concessions, including removing help for its dairy farmers, in return for protections for its vehicle industry.

The agreement will benefit farmers, ranchers and automobile workers, Trump said.

Trump has approved the deal with Canada, a source familiar with the decision said.

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The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from USA anti-dumping tariffs, U.S. and Canadian officials said.

A protectionist policy under the Mr Trump has seen the U.S. forge ahead with individual trade deals, rejecting bigger multi-lateral trade agreements and posing a challenge to decades of global free trade. Not so in recent years when it comes to trade agreements between the United States and other countries.

"We would have moved forward with just Mexico", Marshall said. No", Hill said. "We have to remember that OH is the single largest importer of goods that are targeted by Canada's retaliatory [tariffs] to the United States on steel and aluminum.

"It looks like Donald Trump is the new minister of worldwide trade for Canada", she said.

Iowa is the 11th leading state in dairy production with a lot of them coming from the northeast and northwest corners of the state.

However, the Wisconsin Farmers Union doesn't see the new deal amounting to much saying the industry needs to focus less on quantity and more on quality.

Earlier, White House trade adviser Peter Navarro said on Fox News Channel's "Sunday Morning Futures" that by Monday morning 'you will have some news one way or another that big and perhaps market-moving'. The EU has always been in favor of things like WTO reform and going after non-market economy issues through trade remedy laws all this kind of very boring technical stuff.

"That tells me that there's an agreement that works for all of us, and so, to me, that's what we wanted all along", Perez said.