Trump Hails 'Terrific' Trade Deal with Canada, Mexico

Rebecca Cook  REUTERS  Newscom

Rebecca Cook REUTERS Newscom

According to a joint statement between the nations, "USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region".

"The US relationship with China is much more complicated than its relationship with Canada", Rosenberg agreed.

While New Delhi threatened tariff hikes on 29 American products worth $10.6 billion as early as August, Prime Minister Narendra Modi's government reportedly chose to postpone the retaliatory measures pending negotiations with USA officials, who are seeking to reduce its $31-billion deficit with India.

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Prime Minister Justin Trudeau called the cabinet meeting inside his office across the street from Parliament Hill, where high-level staff and Freeland had been working over the weekend to secure a NAFTA deal.

Dairy access: The US will be able to export the equivalent of 3.6% of Canada's dairy market, up from the existing level of about 1%.

The White House's Peter Navarro said "everybody's speaking in good faith right now as we speak", on Fox Sunday.

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"We would love a deal with India".

Canadian Prime Minister Justin Trudeau faces anger from dairy farmers but told journalists Monday that the deal overall would be "profoundly beneficial for our economy" and "the most important progressive reform for North American workers in a generation".

Other contentious, so-called USA poison pills - which would have limited Canada and Mexico's ability to bid on lucrative US procurement projects - are gone.

US administration officials said the deal provides increased access to Canada's dairy market for USA producers and limits the American impact of Canada's controversial supply management system for dairy and poultry products.

India and the U.S. have been in talks on trade and related issues for months, especially after Washington slapped a uniform tariff of 25% and 10% on all steel and aluminum imports.

And with that, he said he would talk to reporters Monday.

"This has happened, despite assurances that our government would not sign a bad deal for Canadians", Pierre Lampron, president of Dairy Farmers Canada, said in a statement.

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A side letter published along with the main text of the agreement exempts a percentage of eligible auto exports from tariffs.

In the end, Trudeau made a concession on Trump's biggest demand, agreeing to ease barriers to entry in Canada's protected dairy market.

The agreement first announced late Sunday, just before a midnight deadline, ended more than a year of tense negotiations sparked by Trump's decision to scrap the quarter-century old North American Free Trade Agreement.

"They're in the final strokes", said the person, based on information from USA administration officials.

For the general manufacturing sector, the sentiment is one of relief, said Dennis Darby, president and CEO of Canadian Manufacturers & Exporters. This trade deal is nothing like what the Liberals promised at the beginning of negotiations.

The administration officials told CBS News they expected it to be signed by Mr. Trump and his Canadian and Mexican counterparts on November 30, then submitted to Congress, with a vote expected some time next year. It will then need to be ratified by congress. But Baskin said that some, like him, think the situation was mishandled from the start, despite their relief on Monday.

Dan Ujczo, an worldwide trade lawyer with US law firm Dickinson Wright, said the tariffs would only apply to vehicles which do not meet country-of-origin rules.

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