U.S. Auto Makers Get Big Win From New Trade Pact

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Despite reaching a new trade agreement with Mexico and Canada over the weekend to replace the North American Free Trade Agreement, President Trump said at the White House on Monday the key US trading partners would still not be exempted from USA steel and aluminum tariffs.

Canadian Prime Minister Justin Trudeau, left, and Minister of Foreign Affairs Chrystia Freeland hold a news conference regarding the United States Mexico Canada Agreement (USMCA) at the National Press Theatre, in Ottawa, Ontario, Oct. 1, 2018.

"We're not going to be losing our companies".

The real question is whether another government could have done significantly better under the circumstances.

Ruiter said he had heard similar promises of support after the TPP and European deals were signed, but has never seen any compensation himself.

"We think we could easily be one of the first countries to have an agreement once [the United Kingdom has] the legal authority to start negotiating", he said.

Not everyone was buying it.

NDP Leader Jagmeet Singh was also dismissive.

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.

Trump: "This new deal will be the most modern, up-to-date and balanced trade agreement in the history of our country".

Dairy Farmers of Canada estimates that 220,000 Canadian families rely directly on the dairy industry for their livelihoods. OH has a strong manufacturing and farming base that some believe has suffered due to the NAFTA deal approved in the 1990s. Everybody", he said. "It's a privilege for China to do business with us.

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But analysts say the new agreement isn't too different from the original NAFTA deal.

Trump and Trudeau spoke to each other by phone Monday morning.

"Specifically, we will seek clarity on how the agreement addresses the existing tariffs on Canadian steel and aluminium, as well as how it will ensure that tariffs and quotas upon Canada's auto sector exports will be avoided", Beatty said in a statement.

Bothwell Cheese executive vice president Wally Smith says he is concerned about what increased market access will look like. He cautioned that "frequently, the devil is in the details". That stance put some congressional Republicans in a tough position heading into the midterms, since they represent districts with significant stakes in commerce with Canada and Mexico. The Ontario government has also indicated it's concerned about some of the concessions made under the deal, notably ones affecting agriculture. "I just don't think it gets wiped away and resolved with an agreement in principle on the trade agreement". Canada has a complex milk and dairy system. Canada is by far the No. 1 destination for US exports, and the USA market accounts for 75 percent of what Canada sells overseas.

The new deal was greeted warily by unions and market watchers.

"We know full well the American administration targeted the complete scrapping of supply management and what we did with this agreement was to protect supply management for future generations because it is a system that works", Trudeau said.

However, the new agreement has B.C. agreeing to scrap the restrictions that prevent US wines from also showing up on grocery-store shelves. Under it, trade among the three has grown from about $290 million to $1.2 trillion.

"While it's possible to conclude that the deal consists largely of tweaks to the old agreement, we believe reduced uncertainty about the U.S".

Investor-state dispute resolution is gone.

In all 3 countries, the new USMCA trade pact must be ratified by lawmakers. Previously, copyright was granted up to 50 years after an author died; now, it will be up to 70 years after an author's death.

The deal prevents governments from slapping duties on digital products that are distributed electronically, such as ebooks, music, films, software and games.

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