Canada's Freeland to travel to Washington Tuesday for NAFTA

by Ben Pena August 28, 2018, 0:36
Canada's Freeland to travel to Washington Tuesday for NAFTA

U.S. Trade Representative Robert Lighthizer said that if finalized and approved by Congress, the new trade agreement with Mexico would take effect in November, after a 90 day waiting period. Here's a rundown of what's actually in the deal - and the many hurdles to clear before it becomes final. "We're going to call it the United States-Mexico trade agreement".

The same factors apply to China, which is dependent on selling goods to the U.S. and stealing our companies' intellectual property.

Despite Trump's signal that the deal could lead to a bilateral trade agreement between the United States and Mexico, Peña Nieto, through a translator, expressed his "desire that now Canada will also be able to be incorporated in this". They will also be required to use more local steel, aluminum and auto parts, and have a certain proportion of the vehicle made by workers earning at least $16 an hour, a boon to both the United States and Canada. A percentage of workers for vehicle manufacturers would also have to make more than $16 an hour. On automobile trade, the top USA trade representative said the new pact would put in place the "highest standards", adding the same would be true for "intellectual property and digital trade and financial services".

While the trade news caused stocks to break 8,000 for the first time ever, economic optimism has been high for quite some time. This agreement would make it harder for theft of intellectual property - everything from digital music to biologic drugs.

On Saturday, Seade told reporters that the nations have resolved concerns that the deal had too many restrictions on how the next government can treat foreign oil companies investing in Mexico.

How long would it last? .

The president hailed the preliminary pact as a "big deal" in a Monday morning tweet, but - at least for now - it does not include Canada. If some sides are not happy, there would be a new round of negotiations.

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A Canadian official declined to comment and referred back to remarks from Prime Minister Justin Trudeau, who said last week he was encouraged by optimism coming from the USA and Mexico but won't sign just any deal. He says it will mark the end of the NAFTA name.

"What we will do is ideally Canada will be in and we'll be able to notify that".

-Other Tariffs: Hanging over talks are Trump's other trade measures, including tariffs on steel and aluminum and threatened tariffs on vehicles and parts.

What happened to Canada? .

The U.S. -Mexico deal would require 75 percent of auto content to be made in the United States and Mexico, up from the current level of 62.5 percent. Those two facts collided this afternoon during a press spray in the Oval Office when Trump tried to put Mexican President Enrique Peña Nieto on speakerphone while announcing a new trade deal between the us and Mexico.

"I think with Canada, frankly, the easiest thing we can do is to tariff their cars coming in". Trump also said the USA would put tariffs on Canadian cars or reach a negotiated deal with them. He said he hoped Congress would approve it with broad bipartisan support. If the bilateral talks with Mexico also solved concerns over rules of origin, the path for a deal by the end of this year may well be clear. Many members, in sending their initial reactions to the deal, called on Trump to bring Canada into the fold. "We could have a separate deal or we could put it into this deal", the president said.

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