Cramer: Signing of USMCA ensures free trade is fair trade

02 December, 2018, 15:30 | Author: Charlene Valdez
  • Donald Trump. File

"The agreement we have forged will allow each country to make gains individually, but also North America to strengthen and prosper even more", said Pena Nieto.

Trump did not refer to General Motors' recently announced plans to cut jobs at five American factories, four in the United States and one in Canada, but Trudeau did, calling it a "heavy blow".

Congressman Kevin Cramer released the following statement after today's signing of the United States, Mexico, Canada Trade Agreement (USMCA) by President Donald Trump, Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto.

ME retailers that ship products to Canada could see a sales boost under a new North American free trade deal.

Now that the it has been signed, the agreement will head to Capitol Hill, where Republican lawmakers hope to get it approved before the new Congress takes over in January. And Trump is facing a House of Representatives controlled by the Democrats.

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Mr Trudeau said the deal was a major step for Canada's economy but warned that there is more work to be done. The United States, for its part, wants Canada and Mexico to accept quotas that would force them to export less of the metals to the United States, said sources briefed on the negotiations.

This has been a battle, and battles sometimes make great friendships.

The Canada-United States-Mexico Agreement (CUSMA) website.

Canada's milk producers say Canada has surrendered its ability to independently manage its dairy system with the signing of the updated North American free-trade agreement on Friday.

It's the nomenclature the Canadian government will apparently be using in discussing the deal, it's an actual, pronounceable acronym - two syllables instead of five - and, again, a generally accepted name hasn't been settled on by all three countries as NAFTA was after the tripartite agreement a quarter-century ago.

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"The new agreement lifts the risk of serious economic uncertainty that lingers throughout the trade renegotiation process - uncertainty that would have only gotten worse and more damaging had we not reached a new NAFTA", Trudeau said.

Simply put, "The NAFTA 2.0 text is not the transformational replacement of the corporate-rigged trade-pact model that progressive activists, unions, and congressional Democrats have long demanded", wrote Lori Wallach, director of Public Citizen's Global Trade Watch. And while we don't know the final details of the USMCA, we do know that it largely resembles, in many ways, what was there before.

Whatever it is called, Trump said he expects the deal to soon be ratified.

Trump called the deal "the largest, most significant modern and balanced trade agreement in history", adding that it was "probably the largest trade deal ever made". The new deal encourages auto companies to invest or expand in the United States and Canada, not low-wage Mexico, by requiring that 40 per cent of a car's content be made where auto workers earn at least $16 an hour; otherwise, the cars won't qualify for USMCA's duty-free treatment.

However, the new deal does not resolve the punishing steel and aluminum tariffs imposed worldwide earlier this year, and on Mexico and Canada since May. We've taken a lot of barbs and a little abuse, and we got there.

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The alleged torture of Saudi human rights activists and the murder of journalist Jamal Khashoggi are also mentioned in the filing. The crown prince was accompanied by the Tunisian president, in an official motorcade, to Cartage presidential Palace.

Before Trump arrived in Argentina he injected additional drama into the proceedings by canceling another high-stakes meeting, with Russian President Vladimir Putin.

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