Friday, 19 October, 2018

How Might New Trade Deal in North America Affect Southeast Michigan?

4 takeaways from the U.S.-Mexico trade deal Trump replaces NAFTA and triumphs -- New trade deal with Mexico is YUGE win for both countries
Jodi Jackson | 01 September, 2018, 19:25

Guajardo said if Ottawa and Washington fail to come to agreement, Mexico would have to return to the negotiating table to revisit some of the auto industry rules.

"I don't see this reflecting a full, comprehensive deal, the kind of full, comprehensive deal that US industry and Canada have said they want to see ..."

"That means agreement on all substantive points and commitments", he said.

"They've been very bad to our farmers, particularly to our dairy farmers".

Joe Kinahan, chief market strategist at TD Ameritrade in Chicago, said: 'The question most people have is can the markets go higher?

"It's a lot of rhetoric, but ultimately he's doing the rhetoric that he's been doing since the beginning, that he'll slap on tariffs if we don't make some major moves on the importing of their agricultural goods".

Canada's minister of foreign affairs is scheduled to hold talks in Washington today in hopes of reaching a trade agreement with the United States, an urgent response after President Donald Trump announced a deal with Mexico on Monday that left out Canada.

At issue is the trade promotion authority Congress has granted Trump to fast-track renegotiation of the North American Free Trade Agreement.

If talks with Canada are not wrapped up by Friday, Trump plans to notify Congress that he intends to sign a deal with Mexico, but would be open to Canada joining, Lighthizer told reporters on Monday.

The crucial phase of talks began Tuesday continuing late into the night, and Trudeau expressed optimism the countries could reach agreement by the end of the week. USA farmers say that's a violation of Canada's trade commitments.

Senior administration officials pointed to the deal as making both America and Mexico better off. After six years, though, the countries could decide to renew it for an additional 16.

The White House said Mr Trump will sign the deal in 90 days.

The trade deal with Mexico could pave the way for a revision of the North American Free Trade Agreement.

"The sooner we can have these reassurances, the better position we are as MI agriculture, especially as we move into our harvest season", Kran said.

Any new agreement would have to be ratified by the legislatures of all three countries.

"Mexico has used every trick in the book to wipe out #Florida vegetable growers".

The good news for carmakers is that Canada will likely sign on to a similar agreement, said Mark Wakefield, head of the auto practice at consultant AlixPartners. Marco Rubio said on Twitter.

In March this year, Trump imposed tariffs of 25 percent on steel and 10 percent on aluminum imports from overseas.

"I heard the word multiple times: 'Canada is coming down here to get embarrassed, ' " the person said.

But Trudeau did not give any indication of feeling the heat. Trump wants Canada to drop its supply management system that uses tariffs to control the price and supply of dairy products, protecting Canadian farmers from low-cost imports. Rona Ambrose, who once led the Conservatives after Trudeau's election in 2015, urged him to dig in on the issue.

"We are opposed - not just my party, but the majority of the Quebec population - are opposed to concessions on supply management".

The Trump administration said the deal improves labor provisions, in part by requiring 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour - a salary that could remove incentives for automakers to move jobs to Mexico.

One big question after Monday's announcement is when, if ever, the US will lift tariffs on Mexican aluminum and steel.

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