U.S. stocks end mixed amid trade deal, data

Oscar PerryOct 07, 2018

President Donald Trump inaccurately described his new trade deal with Canada and Mexico as the biggest ever - it's not even close - and glossed over some possible consequences of the agreement, such as higher vehicle prices. "But in terms of rights and obligations, it doesn't impose any obligation on Canada not to negotiate an agreement with anybody".

Passage of the deal by the US Congress is not expected until the spring of 2019, after November elections could shift control of the House of Representatives to Democrats from Republicans.

When finalized and implemented, the agreement will create more balanced, reciprocal trade that supports high-paying jobs for Americans and grows the North American economy, according to the White House.

It wasn't Freeland's hard-driving negotiating style that was under Trump's skin. Scheer said he would have gotten a better deal. We'll see what happens.

Freeland has spoken at length about her goal that NAFTA "be made more progressive", using CETA, the trade deal signed past year between the European Union and Canada, as an example.

After Trump's news conference, "the only difference was that instead of seeing the glass half-full, I was seeing it half-empty", MacNaughton chuckled in an interview.

She said the insertion of a minimum wage level for auto parts workers could lead to similar clauses in other trade deals: "If it turns out to be very politically popular in the USA it could [be used again]".

The president said the United States-Mexico-Canada Agreement (USMCA), which replaces Nafta, would bring thousands of jobs back to North America.

"This new focus on Capitol Hill - when legislators come down, they go to Capitol Hill in recognition that Congress really, truly counts, and the cabinet ministers, who are also legislators, have got to recognize that they can use those peer-to-peer relationships".

However, she says the amount and type of compensation will be worked out in coming months while Canada, the United States and Mexico all work to ratify the agreement reached late Sunday.

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He said the deal has a "good ring to it", repeating U-S-M-C-A several times. And now for our farmers it's, as you know, substantially opened up much more. "The government has said repeatedly that it values a strong and vibrant dairy sector - they have once again put that in jeopardy by giving away more concessions", he added.

Foreign Affairs Minister Chrystia Freeland says all farmers in supply management systems will be fairly compensated for the additional market access being given to trading partners in the deal.

Canada's The Globe and Mail cited four sources as saying an outline of a deal had been reached but Trump and Trudeau still needed to approve it.

A deal seemed imminent, worrying those within the USTR who were convinced they weren't yet done, said the source.

U.S. President Donald J. Trump (L) and Canada's Prime Minister Justin Trudeau (R) shake hands during the Welcome Ceremony at the G7 summit in Charlevoix, Canada, 08 June 2018.

In USMCA's Rules of Origin, ISRI notes that waste and scrap "maintain the same origin classification as in the NAFTA in that scrap materials are considered "originating" in North America if processed in one of three countries ... as well as derived from used goods collected in one of the three countries for purposes of extracting raw materials".

"We have put it on the table that we can not get to the signing without getting to a solution, because it would be illogical for there to be a tariff attack that went unresolved", Economy Minister Ildefonso Guajardo said on a morning TV news show.

Once in a new market, companies should benefit from a chapter that mandates more transparency in the setting of reimbursement rates.

But it was a deal with its northern neighbours that proved tougher to reach for the US.

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