President Trump announces new trade deal with Mexico, Canada

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Officials reached a breakthrough on the US-Mexico-Canada Agreement in 11th-hour negotiations Sunday night, calming fears that the trilateral deal could be scrapped when a self-imposed deadline hit hours later. It replaces the 24-year-old North American Free Trade Agreement, which President Donald Trump had called a job-killing disaster.

"The new name will be The United States Mexico Canada Agreement, or USMCA".

As per the US USMCA fact sheet, this deal encourages manufacturing and regional economic growth by requiring that 75% of auto content be made in North America. Trump threatened to go ahead with a bilateral deal with Mexico, but Mexican officials strongly advocated for Canada's inclusion.

Laycraft said uncertainty and tariffs could have had a "horrible impact" on Canada's beef industry if a deal had not been reached, because the supply chains between Canada and the USA are deeply integrated. "We are not going to allow our steel industry to disappear, it was nearly gone".

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

He won a big concession by persuading Ottawa to take steps to open up its highly protected dairy industry - which has long blocked USA competition with import quotas and tariffs as high as 300 percent. The US had also sought increased American content for duty-free autos.

"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.

For Canada, this was a hill to die on - as it was for former prime minister Brian Mulroney during the original 1988 Canada-U.S. free trade deal - because, Trudeau argued, there needs to be some rules for settling disputes when dealing with the current U.S. president.

"This has happened, despite assurances that our government would not sign a bad deal for Canadians", Pierre Lampron, the organization's president, said in the statement.

"It will allow us to maintain the competitiveness of the Mexican manufacturing industry, which will keep its access to the world's largest market", Marcelo Ebrard told a press conference.

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Most critical of the deal was the dairy industry, which railed against expanded USA access to the domestic dairy market and the elimination of competitive dairy classes.

The uncertainty felt by many producers could linger into the next decade, as the new agreement includes a clause calling for it to be reviewed after six years.

For Trump, the USMCA is only the start of what he says is a global push back against countries taking advantage of the USA economy. "Japan, every country, it's a privilege for them to come in and attack the piggy bank", he added.

On Monday, Trump tweeted a congratulatory message to Mexico and Canada.

"I am not talking about Mexico".

"It's a privilege for China to do business with us. We had very strong tensions".

The United States, Mexico, and Canada are expected to sign the deal by the end of November, 2018. "India, the tariff king, also wants to negotiate". Pennsylvania Republican Pat Toomey wrote in a statement on Monday afternoon that he was concerned by several provisions of the new deal, as well as the fact that the steel and aluminum tariffs had not yet been placed on the chopping block.

Additionally, while speaking to reporters, Trump said that USMCA, which "has a good ring to it", is about fairness and reciprocity.

Should Democrats win control of either chamber of Congress, Mr. Trump's legislative agenda could suffer. "If those sound like small numbers it's because they are", he said. 20, said he's also hopeful, but he'll withhold judgment until after he reads what's in the agreement. U.S. law requires the White House to submit the text to Congress 60 days before signing.