Breaking news. Will be very interesting to see if Canada gets screwed and Trump scores a major political win.
https://www.washingtonpost.com/amph...ing-new-nafta-deal-to-congress/?noredirect=on
Canada has agreed to join the trade deal that the U.S. and Mexico announced last month, according to people familiar with the matter. The move preserves the three-country format of the original North American Free Trade Agreement favored by business groups and congressional Republicans.
The treaty is expected to be signed by leaders of all three countries in 60 days, with Congress likely to act on it in 2019. A formal announcement is expected before midnight.
https://www.theglobeandmail.com/pol...line-of-nafta-deal-pending-approval-of-trump/
Here seem to be the major points:
https://www.washingtonpost.com/amph...ing-new-nafta-deal-to-congress/?noredirect=on
Canada has agreed to join the trade deal that the U.S. and Mexico announced last month, according to people familiar with the matter. The move preserves the three-country format of the original North American Free Trade Agreement favored by business groups and congressional Republicans.
The treaty is expected to be signed by leaders of all three countries in 60 days, with Congress likely to act on it in 2019. A formal announcement is expected before midnight.
https://www.theglobeandmail.com/pol...line-of-nafta-deal-pending-approval-of-trump/
Here seem to be the major points:
- The potential agreement would preserve Chapter 19
- It would also allow Canadian consumers to purchase five times ($20 to $100) more foreign merchandise online without paying import duty than they are currently allowed. The move, which was opposed by the Canadian retail industry, was agreed to by Canada in exchange for still being able to collect sales tax on the purchases
- U.S. tariffs lifted on Canadian steel and aluminium
- Guarantee that the Trump administration will not impose tariffs on most auto imports from Canada.
- Canada would accept a quota system that would place stricter limits on the export of Canadian-made vehicles into the U.S. market, said two sources.
- Canada will give U.S. farmers access to the Canadian dairy market greater than the 3.2 per cent granted to 10 other countries under the Trans-Pacific Partnership,
- Ottawa will also change a rule that had largely excluded U.S.-made ultrafiltered milk, a cheese-making ingredient, from Canada.
- The deal will preserve Canada's supply management system, which uses a combination of quotas and tariffs to guarantee returns for Canadian farmers.
- But giving a larger percentage of the market to the U.S. without tariffs is certain to rankle the dairy lobby, which wields significant political influence, particularly in Quebec, which holds a provincial election Monday.
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