Trump says tensions with Canada's Trudeau 'all worked out'

President Donald Trump speaks as he announces a revamped North American free trade deal in the Rose Garden of the White House in Washington on Oct. 1 2018

President Donald Trump speaks as he announces a revamped North American free trade deal in the Rose Garden of the White House in Washington on Oct. 1 2018

The United States and Canada reached an eleventh-hour deal on Sunday to replace the North American Free Trade Agreement (NAFTA) and maintain a trilateral trade bloc with Mexico.

"USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region", the joint statement said.

Reaching a deal would remove a key irritant in the trading relationship between the US and Canada, its top export market.

"The US relationship with China is much more complicated than its relationship with Canada", Rosenberg agreed.

But in a buoyant performance at his Rose Garden news conference, Trump said the approach of using harsh tariffs to force countries into renegotiating unfair deals had been vindicated.

Canada, Mexico, and the United States have officially reached a new trade agreement, which they are now calling the United States-Mexico-Canada Agreement (USMCA).

The Trump Administration wants a trade deal with India, but it is too early to talk about it, a senior White House official said Monday.

Canada reaches a trade deal with US & Mexico under new name
The almost 25-year-old NAFTA deal governs more than one-trillion USA dollars in annual trade between the three countries. United States officials have been keeping Mr Trump in the loop on every step since last Friday, two people said.

Canada has long held high tariffs on most dairy products, leading to higher prices than in the United States, while Trump has argued that the U.S. industry should be able to sell more products to its northern neighbour. The Trump administration struck a deal with Mexico last month to rewrite Nafta and had threatened to jettison Canada from the pact if it did not agree to concessions like opening its dairy market to USA farmers. That followed a testy meeting in June, when Trump accused Trudeau of being "dishonest".

"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's either going to be the text goes in with Mexico and the USA, or the text goes in with all three countries". "We weren't at the table or maybe the deal would have been a little different".

With limited details on what USMCA entails, the Times reports that with the new agreement, Canada's dairy management system will ease its protections, allowing the USA more access to Canada's dairy products.

The president has adopted an "America First" policy and launched a trade war against China, as well as imposed tariffs on steel and aluminium imports from Mexico and Canada.

Talks continued Sunday morning amid renewed urgency to nail down the text of a new agreement by midnight, White House trade adviser Peter Navarro said.

"A glass is easily broken, but hard to fix", Chinese Foreign Minister Wang Yi said last week in NY, in reference to the current state of China-US relations.

On the flip side of Canada's more open dairy market, the country's own farmers may be negatively affected.

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Dairy was one of the core remaining hurdles to striking a renewed North American Free Trade Agreement and Prime Minister Justin Trudeau had vowed to defend the nation's restricted sector.

"They're in the final strokes", said the person, based on information from US administration officials.

United Steelworkers Canadian director Ken Neumann was more direct, saying Canada "sold out" steel and aluminum workers by not getting the 25 per cent steel tariffs and 10 per cent aluminum tariffs removed. He also listed out trade deals that are under negotiations, including with Japan, European Union, China and India.

The metal tariffs discussions are on a "completely separate track", according to a senior US official.

"China wants to talk, very badly".

Trump said the U.S. was charging China nothing.

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