Trump Lauds Nafta Replacement as 'Historic' Trade Agreement

Eileen GuzmanOct 04, 2018

The U.S. has finally struck a trade deal with its second largest trading partner.

President Donald Trump slammed Chrystia Freeland, Canada's Foreign Minister and the country's top trade negotiator, during an exclusive dinner just days before the U.S. and Canada reached a new trade agreement.

Earlier this month, Trump went as far as saying he could cause the "ruination" of Canada if he applied a 20% tariff on Canadian automotive exports.

Canada wanted the drop the tariff - along with a 10 percent import tax on another construction-relate material, aluminum - as part of the new deal. This new trade deal requires more of the cars we drive be made in North America.

But not everyone is happy!

"There is clearly an opportunity to constructively engage the United States between the achievement of a deal in principle and the ratification or signature of that deal", he said.

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Likewise, outgoing Mexican President Enrique Pena Nieto said via Twitter that the deal negotiated over the past 13 months "achieves what we proposed at the beginning: a win-win-win agreement".

This was with the objective of keeping the production of auto parts in the United States and help bring back some that had moved overseas.

"But for 25 years as a civilian and businessman I used to say, 'How could anyone sign such an agreement?' With this agreement we are closing all of these bad loopholes, they're closed, they're gone".

The deal is said to involve more USA access to Canada's dairy market and a cap on Canada's vehicle exports to the US.

The deal comes despite Donald Trump's multiple trade wars, which have seen the United States president impose taxes on imports from both Canada and Mexico, bringing retaliation in kind.

"Without tariffs we wouldn't be talking about a deal", he said. We already knew that the president came to office in 2017 with a completely closed mind on trade.

President Trump has long threatened to pull the United States from NAFTA.

After more than a year of talks, and six weeks of intense discussions, the governments were able to overcome their differences with both sides conceding some ground, but both hailing the agreement as a good deal for their citizens in the region of 500 million residents that conducts about $1 trillion in trade a year.

Trump has approved the deal with Canada, a source familiar with the decision said. Some countries were granted exemptions, however Mexico and Canada did not make that list.

"Some of the most important changes have nothing to do with our relationship with Canada and Mexico, but with China, because they in their included language directly address our issues on intellectual property and ownership and a few other things with China", Hill said.

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