U.S. President Donald Trump is taking a victory lap at the White House, cheering Sunday's last-minute free trade deal, pronouncing the death of the 25-year-old North American Free Trade Agreement - and playing down "tensions" with Justin Trudeau.
Known as the United States-Mexico-Canada Agreement (USMCA), the deal agreed ahead of a midnight deadline Sunday will replace the North American Free Trade Agreement (NAFTA), which Trump had called a "disaster".
U.S. Congress will have 60-days to review USMCA and if that passes, we could see the deal signed before the first of December.
Trump said he spoke earlier today with Trudeau and outgoing Mexican president Enrique Pena Nieto, and also extended thanks to Pena Nieto's replacement, Andres Manuel Lopez Obrador. "Not just me, but on behalf of all 12,000 dairy producers across Canada", Gerrit Damsteegt, chairman of Dairy Farmers of Nova Scotia, said in an interview in North Salem, N.S., on Monday.
"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, reduce Trade Barriers to the US and will bring all three Great Nations closer together in competition with the rest of the world", Trump said. Canadian sources said the Canadian government was prepared to offer compensation to dairy farmers hurt by the deal.
Canada's automakers appear to be the big winners from a renegotiated trade pact between Canada, the USA and Mexico, while steel and aluminum makers and dairy producers have less to celebrate.
The new threshold will mean Canadians will get a break on lower-cost USA goods that they order online, said Walid Hejazi, a University of Toronto associate professor specializing in worldwide trade.
And he cheered the fact it will give American farmers and dairy producers greater access to markets in Canada and Mexico, protect auto manufacturing jobs and encourage innovation on USA soil.
The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from USA anti-dumping tariffs, US and Canadian officials said.
For Trump, the agreement offered 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.
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The SEC alleged in the 23-page complaint that Musk made the statements using his mobile phone in the middle of a trading day. The civil investigation by the Securities and Exchange Commission resulted in Thursday's steps and Friday's stock skid.
Mr. Trump told reporters on Monday the tariffs on Canada and Mexico will remain "until such time as we can do something like quotas so our industry is protected".
Increased protections for intellectual property: The deal increases the copyright period in Canada to 70 years after the creator's death, up from 50 years, bringing the country in line with the US.
Other contentious, so-called USA poison pills - which would have limited Canada and Mexico's ability to bid on lucrative US procurement projects - are gone.
It wasn't, but farmers believe the new agreement still weakens the system.
The President has admitted there was "a lot of tension" but said it didn't affect negotiations.
"We will be manufacturing many more cars", Trump said.
"The Americans had started off demanding 50 per cent US domestic content in cars and vehicle parts". "Canadians should be thrilled at the idea that they can now buy things from the US and other countries and bring them in without paying the duties.Canadians should celebrate".
Despite progress made to overhaul NAFTA, Trump still faces several other trade disputes around the world, not least with China, where the president has slapped a tariff on $200bn on Chinese imports.
Trump said the accord would return the United States to a "manufacturing powerhouse".
Canada, the United States' No. 2 trading partner, is by far the No. 1 destination for USA exports, and the US market accounts for 75 percent of what Canada sells overseas.
"So Trudeau went into this saying, oh yeah, we're gonna have a chapter on environment, we're going to have a chapter on Indigenous rights, we're going to have a chapter on gender, and all of that has disappeared and teh focus has been on trying to protect and preserve the economic status quo as much as possible", Stewart said.