New NAFTA Deal Not The Huge Win Trump Claims

A dairy farm in British Columbia.
Eric Buermeyer on Shutterstock

After more than a year of renegotiations for the 1994 North American Free Trade Agreement, consensus for the United States-Mexico-Canada trade agreement (USMCA) came on September 30, salvaging the trilateral trade pact between the U.S., Canada and Mexico.

Since the U.S. -Mexico-Canada Agreement, or USMCA, was reached nearly two weeks ago, much of the criticism in Canada has focused on the greater access it gives the U.S.to the Canadian dairy market.

"Anything that's going to increase demand is going to be a plus, but I guess the one thing I can say, with that being said, there is still an worldwide surplus of milk that is just tremendous", said Dave Balbian, the area dairy specialist for Cornell Cooperative Extension of Otsego and Schoharie Counties.

Just last week, the Federal Reserve hiked the federal funds rate by 25 basis points as a result of a strong US economy, but market analysts are prognosticating that an escalation in the trade wars could give pause to the Fed's current rate-hiking policies moving forward as they could potentially stymie economic growth. "I do not think Europe will want to enter into such an agreement, it would want to have balanced agreement".

While Canada, under the new terms of the Trans-Pacific Trade Agreement, was willing to grant a 3.2 per cent market share to trade partners, under the USMCA, it yields 3.6 per cent.

The Dairy Farmers of Ontario, which advocates for farmers in the province, said on Wednesday it was disappointed with the decision and planned to hold the government to its word to support the industry.

"An integrated North American market, which this new USMCA continues, is critical to Washington state businesses, farmers, ranchers and workers", WCIT President Lori Otto Punke said in a statement.

"Including, milk, butter, cheese, yogurt and ice cream to name a few".

"It's not whole milk that they ship".

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She then added that it was unfair to condemn Kavanaugh for an alleged action 36 years ago that could not be confirmed. Roche also said he believed Deborah Ramirez , another Yale classmate who claimed sexual misconduct against Kavanaugh.

MARK STEPHENSON: Canada began to produce more skim milk powder under this Class 7 and sell that product overseas. Some will wind up in teas; some will end up in yogurt. Also included is a provision mandating that 75 percent of a vehicle be manufactured within U.S, Canada, or Mexico to qualify for duty-free status.

Canada has also staved off the tariffs Trump threatened to impose on autos and auto parts that could have devastated the Canadian auto industry, which contributes over $50 billion in income and sustains more than 500,000 direct and indirect well-paying jobs in Canada.

There are no two ways about it. Washington wants to limit the trade options of its allies and to isolate China.

It's not only American dairy farmers who are getting more access to the Canadian market. As a result, Canadian specialty stores are constantly short of Gouda, mascarpone and a galaxy of other dairy products.

"The government has said repeatedly that it values a strong and vibrant dairy sector".

Chapter 19 allows for independent panels to resolve disputes involving companies and governments and Chapter 20, allows for government-to-government dispute settlement mechanisms.

In the prepared remarks provided by his office, Pence charges that China is targeting "industries and states that would play an important role in the 2018 election" as it responds to Trump's protectionist trade tariffs on China.

"Certainty a threat to have deadline to me is an arbitrary deadline, but I'm not going to second guess the Canadian negotiators until we had a chance to really go through this agreement", said Angus. "This is a very complex agreement and certainly those details may affect us in a number of areas in the long run".

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