Drugmakers a big trade-deal victor

NAFTA talks

NAFTA talks

"Today we are securing a higher standard of living far into the future for the people of Canada", Trudeau said during a news conference Monday in Ottawa.

The U.S., Canada and Mexico have struck a revised trade deal with implications for medical device manufacturers, with the largest industry trade group seeing cause for optimism.

Prime Minister Justin Trudeau hailed the landmark agreement as a win for everyone and U.S. President Donald Trump did a victory lap at the White House as industries across Canada took stock of the new era in continental trade.

Hours before the midnight deadline, the two countries agreed to a renewed trilateral agreement between the United States, Mexico, and Canada, which is now dubbed "USMCA" - the US-Mexico-Canada Agreement.

The deal effectively maintains the auto industry's current footprint in North America, and spares Canada and Mexico from the prospect of United States national security tariffs on their vehicles.

"As someone who voted against NAFTA and opposed it for many years, I knew it needed fixing", Schumer said in a statement.

"NAFTA 2 will give certainty and stability to Mexican trade with its partners in North America".

Canada had already granted concessions on dairy in the talks for the Trans-Pacific Partnership (which Trump subsequently pulled out of) and trade experts expected that to carry over to the new North American trade deal. The import taxes of 10-per-cent on aluminium and 25-per-cent on steel were first levied by Mr. Trump in June, and mirrored by Canada and other countries.

"There could be Democratic support for this" as it contains provisions favorable to American labor - a traditional backer of the Democratic Party, National Economic Council Director Larry Kudlow tells VOA. "I just don't think it gets wiped away and resolved with an agreement in principle on the trade agreement". "There are really no poison pills in here for Democrats".

"And China wants to talk very badly", Trump said.

He said the new deal was "much more reciprocal" than Nafta, which he described as "perhaps the worst trade deal ever made".

"We're seeing this as an added bonus because it does give our dairy farmers, and dairy farmers across the country added access to that Canadian market that's so important to them, and it looks like poultry and eggs will also have some added access to the Canadian market" said Kenney.

The USMCA deal did not bring about the removal of US 232 tariffs on steel or aluminum from Canada or Mexico. "Just for those babies out there that talk about tariffs".

The metal tariffs discussions are on a "completely separate track", according to a senior US official.

Another red line for Canada was Chapter 19.

"On Tuesday, all the rumblings were that Trump and Trudeau were going to meet at the General Assembly - in fact, senior-level USA officials were telling stakeholders that at private dinners, luncheons, receptions in Canada and the US", the source said.

"This deadline was real", according to a senior USA official.

The United States-Mexico-Canada Agreement will now have to be ratified by the governments of all three countries before taking effect. As with the steel tariffs, the new trade deal does not undo controversial USA -imposed duties on Canadian softwood lumber imports.

According to the Dairy Farmers of Canada (DFC), dairy farmers across Canada are deeply disappointed over the news of the concessions made on the dairy sector in the new USMCA agreement, noting that once again, dairy farmers paid the price to conclude an worldwide trade agreement.

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