Farmers React to US, Mexico and Canada Entering the USMCA

Kenny Grant
October 4, 2018

In a joint statement, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the late Sunday agreement "will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home".

Canada and the U.S. have agreed a basis for the revised North American Free Trade Agreement (NAFTA), reaching a compromise in late-night talks on Sunday after months of stand-off.

"The deadline is midnight tonight to get the text into congress to make sure this goes forward". In the end both sides made concessions, and both governments have welcomed the outcome.

The new deal was greeted warily by unions and market watchers.

In the end, Canada and the USA overcame their differences after both sides conceded some ground, hailing an agreement that covers a region of 500 million residents and conducts about $1 trillion in trade a year.

But Ron Bonnett says not all sectors of the agriculture industry will be negatively affected by the new deal. "We need to review and resolve the details of the agreement when they are available".

The officials declined to say how large a share of the Canadian market would be open to US dairy products.

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"The best estimate that we have now is that the additional sales that the USA will be able to send into Canada will equal less than 2 percent of total USA sales by value of dairy products", O'Connor said. However, under USMCA, new quotas will be set which are expected to increase market access for United States farmers.

Foreign Affairs Minister Chrystia Freeland is defending Ottawa's new tentative trade pact after public criticisms from the Ford government over farmer compensation, future trade talks with other nations and steel tariffs.

How come NAFTA has been saved?

"We are only waiting for an understanding between the United States and Canada and we hope that understanding will happen so that it's a trilateral agreement". The US president has regularly called it a "disaster" for American workers and manufacturers.

"It's a good day for Canada", the country's Prime Minister Justin Trudeau told reporters after a late-night cabinet meeting. At a veering press conference on Monday, President Donald Trump said the tariffs might stay in place. It was an especially good deal for American farmers, because it eliminated Mexican agricultural tariffs.

It is unclear at this time whether the new NAFTA includes a sunset clause.

Following the announcement, the Canadian dollar rose to its highest value since May against the U.S. dollar.

Likewise, outgoing Mexican President Enrique Pena Nieto said via Twitter that the deal negotiated over the past 13 months "achieves what we proposed at the beginning: a win-win-win agreement".

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