Mexico-Canada Agreement to Replace NAFTA after Last-Minute Deal

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In fact, the USA has always been a manufacturing powerhouse and by some projections - made before he took office - - is expected to be No. 1 in 2020. The president said the name has a "good ring to it", repeating U-S-M-C-A several times.

"Any trade agreement proposal must be judged by whether it improves the wages, working conditions and well-being of America's workers and farmers", House Democratic Leader Nancy Pelosi said in a statement.

Trump had said he wanted to go ahead with a revamped NAFTA - with or without Canada.

Canadian Prime Minister Justin Trudeau said he would continue to press for the lifting of the tariffs.

Ryan Cardwell, an associate professor in the University of Manitoba's department of agriculture and agricultural economics, said Canada's supply management system will remain intact.

The revamped NAFTA deal - dubbed the United States-Mexico-Canada Agreement, or USMCA - was nearly 14 months in the making and has 32 chapters, 11 annexes and 12 side letters. "That gives us confidence a side deal on Canadian steel and aluminum can also be reached before the new NAFTA is ratified". USA dairy groups said the Class 7 system was created to shut off its shipments of ultra-filtered milk to Canadian processors.

Talking up the new accord, Trump declared it a "privilege" for foreign powers to do business with the United States.

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In fact, the USA has always been a manufacturing powerhouse and by some projections - before the current deal - expected to be No. 1 in 2020.

The United States "finally came to their senses" and created an environment conducive to reaching an agreement with Canada, said Jerry Dias, head of the major Canadian union Unifor, a key player in the negotiation drama. It replaces NAFTA, which Trump has lambasted as a job-wrecking disaster that has hollowed out the nation's industrialized base.

The new version would give US farmers greater access to the Canadian dairy market.

Tariffs on imported steel have hit the construction industry nationwide but the newly-minted trade deal between the US and Canada may not provide the needed relief, at least not immediately.

Mr Trump spoke after earlier posting tweets claiming the new trade pact solved the "deficiencies and mistakes" in Nafta, which has governed trade between the three countries since 1994.

"These measures will support many - hundreds of thousands - American jobs", he said at a news conference at the White House.

According to people briefed on the negotiations, Canada will ease protections on its dairy market and provide access that is similar to what the United States would have gained through the Trans-Pacific Partnership, a trade treaty that Trump withdrew from previous year. It is also important that the agreement not hinder energy integration across North America, which has brought the continent closer to real energy security than ever in the past 50 years. Trump's advisers view the trade pact as a political victor in battleground states critical to the president's 2016 victory and home to tens of thousands of auto workers and manufacturers who could benefit from the changes.

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From a Mexican perspective, the agreement will allow outgoing President Enrique Peña Nieto to sign the agreement before he leaves office on December 1 and will allow incoming President Andrés Manuel López Obrador to start his six-year term with a fixed framework for economic relations with a northern neighbor that buys 80 percent of its exports.

But the biggest relief was knowing the auto tariffs suggested by Trump wouldn't materialize, said Baskin.

Trump has been pushing for a complete overhaul of the agreement which he says has been a "rip-off" for the United States.

Canada also agreed to get rid of its two-year-old Class 7 pricing agreement that has restricted US exports of ultra-filtered milk used to make dairy products.

Another Canadian channel, CBC, said a "senior source" confirmed that a deal had been reached on significant sections of a new NAFTA.

The United States-Mexico-Canada Agreement, or USMCA, partially opens up Canada's long-restricted milk market to American farmers and gives USA drug companies two more years of "market protection" from generic competition in Canada.

"The threat of capricious auto tariffs has been lifted, stabilizing future investment" said Dias in a statement. Uncertainty over the fate of NAFTA talks had threatened to batter Mexico's currency and economic outlook.

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