Cars, cows and a crisis averted: Highlights of the new NAFTA deal

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The US and Canada on Sunday sealed the deal on a new trade agreement that, along with an earlier US-Mexico agreement, opens to door to a rewrite of the North American Free Trade Agreement.

The agreement represents the fulfillment of a signature campaign promise and the brokering of an agreement that just days ago seemed likely to unravel, threatening the decades-old North American free trade framework.

"In theory, there should be no trouble, but anything you submit to Congress is trouble", Mr. Trump said, complaining of Democrats' penchant to "delay, obstruct, resist".

"It'll probably or possibly be just USM". The Trump administration enacted tariffs on all steel imports in an attempt to boost the domestic steel industry, which has supported his actions.

It follows months of friction over the deal between President Trump and Canadian Prime Minister Justin Trudeau.

"I promised to renegotiate NAFTA", Trump said in the White House Rose Garden Monday.

The president has admitted there was "a lot of tension" but said it didn't affect negotiations.

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He said it was "privilege" for other countries to trade with the US: "So we have negotiated this new agreement [with Mexico and Canada] based on the principle of fairness and reciprocity - to me it's the most important world in trade, because we've been treated so unfairly by so many nations all over the world".

Canada is "in a much more stable place than it was yesterday", he later added. Kushner played a similar role with Mexico - in that case, his close relationship was with Luis Videgeray, the Mexican foreign secretary, helped propel those talks to fruition. It offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States.

The deal will preserve a trade dispute mechanism that Canada fought hard to maintain, to protect its lumber industry and other sectors from USA anti-dumping tariffs.

Despite the fact that Ottawa had long pushed back hard against allowing the deal to be periodically revisited, officials in the USA briefing said the new language includes a provision that will indeed see the deal reviewed every six years. In the aftermath of a disastrous G-7 summit in Quebec in June, Trump called Prime Minister Justin Trudeau "weak" and "dishonest".

The agreement reached Sunday gives US farmers greater access to the Canadian dairy market.

Trump said he would sign the final agreement in late November, in about 60 days, and the pact is expected to be signed by Trudeau and outgoing Mexican President Enrique Pena Nieto before he leaves office December 1. The new agreement will do more than simply help the three economies generate more growth (they already trade more than $2 million a minute).

"The Americans had started off demanding 50 per cent USA domestic content in cars and auto parts.

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About 12 last night", Trump said at a White House news conference.

Mr Trump said the deal was a victory for farmers, vehicle workers and the United States manufacturing industry: "It means far more American jobs, and these are high-quality jobs".

The new agreement largely leaves the broad deal intact and maintains current supply chains that would have been fractured under weaker bilateral deals.

"We had a NAFTA deal that was working reasonably well so we will call it a win because we were able to retain the key parts of the existing NAFTA deal in terms of our access to the USA market".

But analysts say the new deal doesn't look very different from the trade dynamics that have governed the U.S. and its neighbors for decades.

The agreement gives USA farmers greater access to the Canadian dairy market.

The deal includes extending the patents on biologic pharmaceuticals by two years to 10 years from eight, and increases the amount Canadians can spend online at US retailers without paying duty when those goods cross into Canada.

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