Details of the new North America free trade deal

iShares MSCI Mexico Inv. Mt. Idx. (ETF)(NYSE:EWW): New NAFTA Deal Is Done

US, Canada, Mexico trade deal, USMCA, NAFTA details: dairy, auto, dispute resolution

Conrad van Hierden says he is feeling a little sour following the Canadian government's announcement that they have reached a deal to replace the North American Free Trade Agreement (NAFTA). Analysts had warned the tariffs threatened to curtail economic growth and the creation of new jobs across the region, although Trump said the USMCA deal would not have been done without them.

The main goal of the agreement for the United States is to have more vehicle and truck parts made in North America. "It's an incredible deal for a lot of people".

Prodan pointed out that the USMCA section on wine in B.C. grocery stores recognizes what he called grandfathered industry licences that predate NAFTA. But the leaders will not be signing until the end of November at the earliest. So the Americans got two things: "they've got access to the dairy market, the Canadian market, and they've also blocked us from their own market", he said. "This is not a Republican-only agreement".

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.

US, Canadian and Mexican officials have been working to renegotiate NAFTA for much of Trump's presidency, but the US began negotiating separately with Mexican and Canadian officials in recent months to get past sticking points involving those bilateral trading relationships.

Wiens said the deal gives US dairy farmers greater access to Canada's supply-managed dairy system.

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India and the U.S. have been in talks on trade and related issues for months, especially after Washington slapped a uniform tariff of 25% and 10% on all steel and aluminum imports.

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

"The United States is respected again but it's also respected as to trade and industry", President Trump told reporters in Washington.

However, the new agreement has B.C. agreeing to scrap the restrictions that prevent USA wines from also showing up on grocery-store shelves.

It also appears to preserve the key dispute-resolution provisions - Chapter 19 - which allow for independent panels to resolve disputes involving companies and governments, as well as Chapter 20, the government-to-government dispute settlement mechanism.

Trump campaigned in OH during the 2016 presidential race advocating for a renegotiated NAFTA deal.

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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".

"Today, Canada and the United States reached an agreement, alongside Mexico, on a new, modernized trade agreement for the 21st Century: the United States-Mexico-Canada Agreement (USMCA)", it stated.

But the USA and Canada had trouble dealing with other areas in the pact, including Canada's dairy industry, its insistence on a strong dispute settlement mechanism and concerns about intellectual property and culture.

"For the most part, this was a defensive deal for Canada", he said in an interview.

The National Association of Manufacturers (NAM) in the United States declared itself "extremely encouraged" by initial details of the new three-way pact. "They didn't want to make a deal with anybody else", he said.

Under the agreement, Canadian online shoppers will also have a higher duty-free threshold for goods purchased from the US - $150, up from $20.

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