America has not done well in trade deals in the recent past. Our manufacturing sector has suffered for a variety of reasons–high taxes, bad trade agreements, energy costs, etc. The Trump administration has begun to address these issues, sometimes more successfully than others.<\/p>\n
This past weekend, Fox Business<\/a> announced that the United States and Canada confirmed that they had reached a deal on a “new, modernized trade agreement,” which is designed to replace the 1994 NAFTA pact.<\/p>\n The article reports:<\/p>\n In a joint statement the two nations said the new deal would be called the United States-Mexico-Canada Agreement (USMCA).<\/strong><\/p>\n Canadian Prime Minister Justin Trudeau said following a cabinet meeting,\u00a0“It’s a good day for Canada.”<\/strong><\/p>\n …The agreements reportedly boost U.S. access to Canada’s dairy market and protect Canada from possible U.S. autos tariffs.<\/strong><\/p>\n Trump’s administration has said Canada must sign on to the text of the updated NAFTA by a midnight Sunday deadline or face exclusion from the pact. Washington has already reached a bilateral deal with Mexico, the third NAFTA member.<\/strong><\/p>\n If Canada did not sign a new deal, Trump had threatened to impose steep tariffs on all automotive imports.<\/strong><\/p>\n …Trump blames NAFTA for the loss of American manufacturing jobs and wants major changes to the pact, which underpins $1.2 trillion in annual trade. Markets fear its demise would cause major economic disruption.<\/strong><\/p>\n Negotiators from both sides spent two days talking by phone as they tried to settle a range of difficult issues such as access to Canada’s dairy market and U.S. tariffs.<\/strong><\/p>\n As part of any agreement, Canada looks set to offer increased access to its highly protected dairy market, as it did in separate pacts with the European Union and Pacific nations.<\/strong><\/p>\n Access to Canada’s dairy market was one of the sticking points of the negotiations. Canada places high tariffs on imported dairy products in order to protect its dairy farmers.<\/p>\n This agreement is another indication of the Trump administration’s desire to protect the interests of America. America is simply looking for a level playing field in trade agreements. This treaty is one more step in that direction.<\/p>\n","protected":false},"excerpt":{"rendered":" America has not done well in trade deals in the recent past. Our manufacturing sector has suffered for a variety of reasons–high taxes, bad trade agreements, energy costs, etc. The Trump administration has begun to address these issues, sometimes more … Continue reading