Monday, October 1, 2018- President Trump announces new North American trade agreement with Canada added to the Mexican deal agreed to previously. At the conference, the President emphasized that it’s a “privilege” for all countries, not just Mexico and Canada, to do business with the U.S. He added, “Without tariffs, we wouldn’t be talking about a deal.” The U.S. overall has lost about $800 billion a year in trade deficits recently and has been in deficit in the past twenty-five years, he said.
The trade deal was negotiated with Mexico and Canada’s trade representatives by Robert Lighthizer, U.S. trade representative, along with Jarod Kuschner.
The President plans to sign the new agreement by the end of November, after ratification, if it is given by Congress.
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Fact sheet from the White House
DELIVERING AS PROMISED: President Donald J. Trump is keeping his promise to deliver a modern and rebalanced trade deal with Mexico and Canada.
- President Trump has negotiated a new United States–Mexico–Canada Agreement (USMCA), which will benefit American workers and businesses where North American Free Trade Agreement (NAFTA) has failed.
- For years, politicians have called for the renegotiation of NAFTA, but President Trump is following through where others have failed.
- This new agreement will update and rebalance the 24-year-old NAFTA with modern provisions to serve the interests of American workers and businesses.
BENEFITTING BUSINESSES, FARMERS, AND WORKERS: President Trump has secured a number of wins for American businesses and workers in USMCA.
- The Administration worked closely with partners to create a better deal that advances the interests of American workers, farmers, ranchers, and businesses.
- American auto manufacturers and workers will benefit from new rules of origin requiring 75 percent of auto content to be produced in North America.
- The new agreement will incentivize billions of dollars in additional United States vehicle and auto parts production.
- Workers will also benefit from rules that will incentivize the use of high-wage manufacturing labor in the auto sector, supporting better jobs for American workers.
- USMCA’s labor chapter represents the strongest labor provisions of any trade agreement.
- USMCA’s labor chapter is a core part of the agreement and will make the labor provisions fully enforceable.
- USMCA is a win for American farmers, ranchers, and agribusiness as it includes important improvements that will enable food and agriculture to trade more fairly.
- Canada will eliminate its “Class 7” program that allows low-priced dairy ingredients to undersell American dairy products.
- Canada will provide new access for American dairy products, eggs, and poultry.
MODERNIZING OUR TRADE RELATIONSHIP: USMCA will bring our trade relationship with Canada and Mexico into the 21st century.
- NAFTA failed to keep up with the United States’ changing economy.
- For years, NAFTA rules have helped incentivize offshoring, leading many manufacturing jobs to leave the United States.
- The new agreement includes a modernized, high-standard chapter that provides strong protection and enforcement of intellectual property rights.
- This includes 10 years of data protection for biologic drugs and a large scope of products eligible for protection.
- USMCA contains the strongest measures on digital trade of any agreement.
- This includes rules to ensure data can be transferred cross-border and to minimize limits on where data can be stored.