Trudeau affirms China trade aspirations after USMCA's 'non-market' requirement

Trudeau affirms China trade aspirations after USMCA's 'non-market' requirement

Trudeau affirms China trade aspirations after USMCA's 'non-market' requirement

Trump's aggressive tearing up of long-standing United States trade deals - with everyone from its two huge neighbours to China and the European Union - has rattled world leaders and sparked fears of economic turmoil.

In a rare piece of good news for global trade, the two countries announced overnight that they had reached an agreement after months of talks.

"I'm not happy, I'm ecstatic", Marshall said of the deal.

"This is a truly extraordinary agreement for the US, Canada and Mexico".

In a statement, Canacero said it supported efforts to find a solution to the impasse before the leaders of Mexico, the United States and Canada signed USMCA, which officials say could happen at a G20 summit at the end of November.

Following the Cabinet meeting, Trudeau said it was "a good day for Canada", while Jesus Seade, the trade negotiator for Mexico's incoming president, tweeted that the deal meant "the door closes on trade fragmentation in the region".

Canada will open its dairy market further to U.S. producers, and Washington left unchanged the dispute settlement provisions which Ottawa demanded.

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Trump says he spoke earlier today with Prime Minister Justin Trudeau and outgoing Mexican president Enrique Pena Nieto, and is also extending thanks to Pena Nieto's replacement, Andres Manuel Lopez Obrador.

- 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".

He said the new deal was "much more reciprocal" than Nafta, which he blamed for the loss of one in four jobs in the auto industry and 4.1 million manufacturing jobs.

Trump has wanted a complete overhaul of NAFTA, arguing the quarter-century-old pact has been unfair to the United States.

In its latest Global Economic Outlook, Fitch said that trade tensions, particularly with regard to the USA and China, have begun to affect global growth forecasts. The deal is likely to come into force by 2020, as it will have to be approved by Congress which will vote while it is in session next year. Previously 40 percent of a vehicle could be made in China or other places with few labor or environmental standards and still considered to be "North American" and imported cheaply into the USA.

One promise of President Trump's campaign checklist? "Our companies won't be leaving the United States, firing their workers and building their cars elsewhere".

"It's a big win for the American farmer just to help stabilize the market some and keep that trade open", said Newby. "NAFTA started as a bilateral agreement with Canada and then Mexico joined".

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