New trade deal not as big as Donald Trump claims

Trump had blamed NAFTA for the loss of American manufacturing jobs and wanted major changes to the pact which underpins $1.2 trillion in annual trade

Trump: Trade deal returns US to ‘manufacturing powerhouse’

That agreement revises and keeps the North American Free Trade Agreement (NAFTA) that has economically bound together the United States, Mexico, and Canada since 1994.

Kamps fears the Canadian government may have given up the ability for farmers to dictate a price for their product, items like skim milk powder.

All counterparts of the three countries are expected to sign the deal by November-end.

"It's disappointing for sure, because the Canadian government was saying we wouldn't lose any more of our market", said Mickey Aylard, president of the Vancouver Island Milk Producers' organization. "It's going to be fair and the key thing is we have some time". Still, a good enough deal is better than no deal.

Trump hit the road again Tuesday, in part to try selling the trade pact to the American people. "There's no China deal that's worth losing a ratified USMCA", Scissors added.

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Provisions aimed at ensuring more cars and auto parts are made in North America - especially the USA - will force some manufacturers to change their pattern of manufacturing, which could prove costly.

In fact, the USA has always been a manufacturing powerhouse and by some projections - before the current deal - expected to be No. 1 in 2020.

The negotiations between the USA and Canada appeared to be going nowhere fast when Trump warned once again last week that he was prepared to exclude Canada from a renegotiated NAFTA agreement. It replaces NAFTA, which Trump has lambasted as a job-wrecking disaster that has hollowed out the nation's industrialized base.

The newly minted agreement is estimated to bring US farmers a $70 million increase in exports to Canada's dairy market and greater access in the egg and poultry markets.

"But the new Nafta deal does show China and others that the Trump administration is willing to conclude new trade deals as long as they address core U.S. concerns", he said. For another, 2.6 million passenger vehicles from Canada and Mexico each would be exempt from tariffs of up to 25 per cent that he has been threatening to impose on imported cars, trucks and auto parts.

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United States stock index futures rose, with S&P 500 Index e-mini futures up more than 0.5 percent, suggesting the benchmark index would open near a record on Monday.

What's the deal with NAFTA and what's going on?

It was unclear, however, whether he had authority from Congress to pursue a revamped NAFTA with only Mexico. The deal would be a "playbook" for future trade deals, the official said, suggesting that Washington could pressure other allies to loosen their trade ties with Beijing.

The agreement's rules of origin, which govern how much value of a auto needs to be made in the region, have been touted by the Trump administration as a tool to keep out Chinese inputs and encourage production and investment in the United States and North America. Trump withdrew the United States from the pact on his third day in office.

Under the agreement, Canada would drop its Class 7 pricing system, in which that country prices milk ingredients such as powdered and skim milk at a lower cost than butter. "About 12 last night", Trump said at a White House news conference.

"It's the deal that I was happy to get", she said.

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Similarly, the deal would give pharmaceutical companies that make biologics -ultra-expensive drugs produced in living cells - 10 years of protection from generic competition, two more years than the Obama administration had negotiated under the Pacific deal.

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