"What's more important than whether there's going to be a huge new gusher of investment", he adds, "is it prevents an erosion of the manufacturing base in the United States and OH by tearing apart the North American production system".
Morneau said in his earlier speech that Canada is looking to create tourism, education and financial-service opportunities with countries such as China as it works to expand its oil and gas industry to foreign markets with the building of the Trans Mountain pipeline.
Kansas legislators applauded the agreement, including U.S. Rep. Roger Marshall who served as a negotiator for the deal several months ago in Mexico City.
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Canada is linked again with the USA and Mexico in a revamped North American free trade deal after weeks of negotiations.
Negotiators from both sides spent two days talking by phone as they tried to settle a range of hard issues such as access to Canada's dairy market and US tariffs.
US President Donald Trump and Canadian Prime Minister Justin Trudeau during a meeting in June.
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- CP24 (@CP24) 1 October 2018Trump says steel and aluminum tariffs will remain in place for the time being, but he says "we are working on that now". While the deal must still be ratified by the three member's legislatures and the USMCA is not the total rewrite of NAFTA that Trump promised, the revised deal would make some tweaks to a variety of trade rules among the US, Canada, and Mexico. Under NAFTA, Canada was able to limit how much milk and dairy products could be brought in from the United States.
In its latest Global Economic Outlook, Fitch said that trade tensions, particularly with regard to the United States and China, have begun to affect global growth forecasts.
The new trade deal must still be approved by Congress before it can take affect. Starting in 2020, USMCA will force auto manufacturers in North America to build vehicles with at least 75 per cent of their parts coming from within the continent to qualify for zero tariffs.
Joseph Galimberti, president of the Canadian Steel Producers Association, said he expected Canada's government to continue to support the industry after the USMCA breakthrough. "Our companies won't be leaving the United States, firing their workers and building their cars elsewhere".
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"This is a very very big deal for our farmers". Canada and Mexico are our two largest export markets.