After the trade war, US-China relations will never be the same

iShares MSCI Mexico Inv. Mt. Idx. (ETF)(NYSE:EWW): New NAFTA Deal Is Done

Speaking to reporters in Ottawa, Trudeau says the revamped NAFTA deal - renamed the United States-Mexico-Canada Agreement - is successful in maintaining fairness and balance between Canada and the USA, a trading partner 10 times its size.

U.S. President Donald Trump touting the United States, Canada, and Mexico trade deal in the Rose Garden of the White House Monday.

"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", Freeland and Lighthizer said in a joint statement.

Likewise, he claimed that India - which he described as the "tariff king" - wants to start trade talks with the United States "immediately".

Lawmakers from both parties have urged the White House to include Canada in any revised Nafta, warning that excluding Canada, which is America's largest export market, could disrupt supply chains, cost jobs, and slow the United States economy.

Trump's remarks came days after Assistant US Trade Representative Mark Linscott returned from India where he had detailed discussion with senior Indian officials on bilateral trade and a possible trade deal between the two countries.

Federal cabinet ministers were summoned to a late September 30 meeting at the Prime Minister's Office near Parliament Hill, while the White House convened its own late-night trade briefing conference call just an hour before the midnight deadline.

In the end, Canada is keeping most of its complex system in place, but it is giving greater market share to U.S. dairy farmers.

Already engaged in numerous trade disputes across the globe, Donald Trump has slammed India as a "tariff king" that is clinging to the "privilege" of trading with the U.S. and struggling to negotiate a deal to appease Washington.

"This has been the government's approach as well and I commend all - from the prime minister down - who contributed to writing this vital new chapter in the ongoing drive for greater Canadian strength and prosperity". "I don't want them to have a hard time", Trump said. "It's either going to be the text goes in with Mexico and the USA, or the text goes in with all three countries". "There is no reason to change U.S. economic forecasts as a result of the deal".

Dairy access was a key US demand, made repeatedly by Trump, though the USA already exports about $500 million of milk products duty-free to Canada every year.

On September 18, Trump announced imposing new tariffs on an additional $200 billion worth of imports from China, escalating the trade war with the Asian giant.

Insisting that he shared a good relationship with India and Prime Minister Narendra Modi, Trump said New Delhi wanted to start trade talks with the U.S. "immediately".

"We are reviewing details and impact of the new United States-Mexico-Canada Agreement, but it is clear the concessions made will hurt hard-working farmers in our supply managed sectors, especially the dairy industry", said Hardeman, Oxford's MPP. "Let's talk about what Canadians want, which is to be able to buy wine from a Canadian winery and have it shipped to them".

The new agreement also signals the Trump administration is open to keeping trade agreements with some countries alive, analysts say, although most fell short of including China in that list. "This goes both ways, of course, and assures that Canada gets information on all U.S".

These U.S. officials also said the deal includes stronger rules of origin for autos, an "ambitious" slate of other provisions related to the digital age, and a termination provision aimed at preventing the deal from becoming outdated.

Trudeau said he knows there is anxiety for dairy producers but also implied things could have been a lot worse.

While the president told reporters that he is "not at all confident" Congress - which could see the House back under control of the opposition Democrats after the November midterm elections - will approve the deal, other members of his administration are expressing greater optimism. The US president has regularly called it a "disaster" for American workers and manufacturers.

Then there's the potential inelasticity of USA demand for Chinese goods.

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