USMCA Could Mean Big Things for Small Portion of Iowa Ag Economy

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 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

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 pact, underpinning $1.2 trillion in annual trade, is based on "fairness and reciprocity", according to Trump, who added that it was reached after disagreements with his counterparts in Mexico City and Ottawa, Enrique Pena Nieto and Justin Trudeau.

Trump said he would sign the final agreement in late November, in about 60 days, and the pact is expected to be signed by Canadian Prime Minister Justin Trudeau and outgoing Mexican President Enrique Pena Nieto before he leaves office December 1.

That's higher than the 3.25 per cent conceded by Canada under the Trans-Pacific Partnership, or TPP, a trade deal with Pacific Rim countries from which the USA withdrew.

The Liberal government will dole out what is likely to be billions of dollars in compensation for dairy farmers, following a new continental trade deal that critics say only further restricts industry's ability to compete in the global market.

However, the deal still needs to be ratified in Congress, which President Trump noted could be a challenge.

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

"We would have moved forward with just Mexico", Marshall said. This new trade deal requires more of the cars we drive be made in North America.

"It is a great deal for all three countries, solves the many ... deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the US and will bring all three Great Nations together in competition with the rest of the world". Given the vast economic ties between America and China, policymakers in Washington had understandably been wary of imposing sanctions on Beijing.

For Trump, the agreement reached in the weeks before the November congressional elections offers vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation. "This trade deal is nothing like what the Liberals promised at the beginning of negotiations".

Negotiators worked frantically ahead of a midnight USA -imposed deadline to settle differences, with both sides making concessions to seal the deal.

Hundreds of pages of the agreement released early on Monday contain updated arrangements for Canada's dairy industry and measures aimed at shifting lower-paid auto manufacturing jobs from Mexico.

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Late Sunday, it was announced the agreement, called USMCA, was reached between the three countries.

"This deadline was real", according to a senior US official. "Canadians were looking for a better deal, and instead, we seem to be getting a new name, but a worse deal".

The last part of the new trade agreement between the United States, Mexico and Canada was finalized September 31.

Here in Iowa, the deal is good news for dairy farmers.

Much of the new agreement has to do with the automotive industry, which is not really our purview, but there are several sticking points in agriculture that USMCA changes.

The United States has also been granted access to Canada's egg and poultry markets.

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The bill, which seeks to revive regulations repealed past year by the Federal Communications Commission , was signed by Gov. Scott Wiener, a Democrat who authored the legislation, said that this was "a historic day in California".

Speaking from Montreal on Thursday following a meeting with Quebec dairy officials, the prime minister said he acknowledged there are concerns among the farmers about the impact increased American access to the market here will have on top of the extra access already being offered to European and Pacific nations in recent years. The agreement carves out quotas for both nations to export vehicles and parts to the USA duty-free.

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