Trump hails 'historic' Canada, Mexico trade pact

Governing nearly $1.2 trillion in trade, the pact known as the United States-Mexico-Canada Agreement, or USMCA, is "the most important trade deal we've ever made by far", Trump told a White House press conference.

That new trade pact has been named the U.S. -Mexico-Canada agreement, or USMCA, which President Trump says is the biggest in American history.

Canada, along with Mexico, took a "do no harm" approach to the talks, and there were early indications the Trudeau government succeeded in preserving the status quo in key areas, even though it faced criticism for giving the USA concessions on dairy.

Canada will open its dairy market further to USA producers, and Washington left unchanged the dispute settlement provisions which Ottawa demanded. They built more bridges that we built in the last hundred years, probably.

Two officials familiar with the government's trade agenda, who spoke on the condition they not be named as they were not authorized to speak publicly about the matter, said the clause will not interfere with Canada's sovereign right to negotiate deals with other countries.

Ontario Premier Doug Ford says he is optimistic about the new United States Mexico Canada Agreement, but he also has concerns.

Prime Minister Justin Trudeau called the cabinet meeting inside his office across the street from Parliament Hill, where high-level staff and Freeland had been working over the weekend to secure a NAFTA deal.

After he warned against imposing similar tariffs on import of Indian products, Mr Trump said Indian negotiators called him that they want to have a trade deal with the US.

Dairy access: The US will be able to export the equivalent of 3.6% of Canada's dairy market, up from the existing level of about 1%.

For Trump, the USMCA is only the start of what he says is a global push back against countries taking advantage of the U.S. economy. Trudeau is a "good man" who loves Canada, Trump said.

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He noted that because the White House said Trump's tweets are official White House statements , the demand is legally binding. Several other Democrats remain undecided, and White House counselor Kellyanne Conway on Sunday pointed out that Mr.

The Canadian government was prepared to be flexible on dairy as they weren't going to allow a full dismantling of the nation's supply-managed system, said Ian de Verteuil, head of portfolio strategy at CIBC Capital Markets.

"In short, we think this is a fantastic agreement for the United States but also for Canada and Mexico".

Dairy access was a key US demand, made repeatedly by Trump, though the USA already exports about $500 million of milk products duty-free to Canada every year. Trump also said he could soon impose United States import tariffs on European Union cars, widening the global trade dispute further.

"We don't like their representative very much", Trump said, in a comment widely believed to be directed as Canada's Foreign Affairs Minister Chrystia Freeland.

It said the measures will have "a dramatic impact not only for dairy farmers but for the whole sector".

More pointedly, the university report said, previous trade battles such as the Russian grain embargo of the 1980s and the 2009 dispute with China (tyres versus chickens), show that "once trade market share is lost, it is hard for markets to return to the previous relationships".

"The agreement will govern almost one point two trillion in trade which makes it the biggest trade deal in the United States history...." Voters in Quebec, home to 354,000 dairy cows - the most of any province - head to the polls for provincial elections Monday, which cast a shadow over the last-minute negotiations. "It's a great win for the president and a validation of his strategy in the area of global trade", said one senior USA official.

The administration officials told CBS News they expected it to be signed by Mr. Trump and his Canadian and Mexican counterparts on November 30, then submitted to Congress, with a vote expected some time next year. It must still win approval from the US Congress, which is unlikely to happen until next year. "The U.S. can damage Canada without hurting themselves very badly".

We also remain concerned about the remaining steel and aluminum tariffs.

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