No longer called NAFTA, the new United States-Mexico-Canada Agreement, or USMCA, was announced Sunday night.
The US made a deal with Mexico in August, but relations with Canada over the trade pact had become increasingly strained in recent weeks.
Wenweipo, a pro-Beijing newspaper based in Hong Kong, ran an article on October 2, titled, "Canada and the U.S. Got What They Need and Mexico is the Loser", arguing that the terms of the new agreement were akin to concessions that would hurt Mexico's economy.
Patrick Leblond, a University of Ottawa trade expert, said it doesn't give the USA a veto over Canada's trade policy. Lots of jokes, apparently, if it's the moniker for the revamped North American Free Trade Agreement.
Morneau says that's slightly higher than the 3.25 per cent that was agreed to under another deal - the Comprehensive and Progressive Agreement for Trans Pacific Partnership - with 10 countries including Mexico, Japan and Australia.
Canada is the top exporter of steel and aluminum to the United States.
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"NAFTA created a somewhat free trade zone, where the USMCA creates a true free trade zone in North America, other than specific products", said Matt Will, associate professor of Finance at the University of Indianapolis, talking to our partners at Inside Indiana Business. And if the new agreement is ratified, all three countries are expected to benefit from an updating of rules and procedures governing customs, border issues, digital trade and other measures cutting red tape. "Much like the current trade war with China, Trump doesn't want China to exploit those holes anymore", he said.
Kudlow said that the USMCA - in addition to new trade talks with the European Union and Japan - gives the US a stronger hand to play in looming trade negotiations with China.
U.S. Rep. Joaquin Castro, D-Dist. The United States has been increasing the pressure on China in recent months to change what it views as unfair trading practices; as of last month, the United States has imposed tariffs on US$250-billion of Chinese goods - representing almost half of its annual imports from China. The deal is likely to come into force by 2020, as it will have to be approved by Congress which will vote while it is in session next year. "I also plan to work closely with my colleagues to explore how we may correct some of the agreement's flaws through the required implementing legislation". "But in terms of rights and obligations, it doesn't impose any obligation on Canada not to negotiate an agreement with anybody".
In Trump's view, the new deal and promise of more around the world shows that he has kept his campaign promise of putting "America first".
The concessions are in theory a problem for Trudeau, whose ruling Liberals say they need to pick up seats in Quebec in an election set for October 2019 if he is to retain power.