It replaces the 1994 North American Free Trade Agreement (NAFTA), which had been called "perhaps the worst trade deal ever made" by US President Donald Trump. But Canadian arrogance didn't play well with the Mexicans, who pre-empted Canada with a US-Mexican trade deal, which gave away the dispute-resolution mechanism.
Perez said the agreement will likely be tweaked again before the United States, Mexico and Canada sign off on it late next month.
Dr. Andrew Solocha, professor of International Finance at the University of Toledo says, "If they impose a tariff on cars like Trump has proposed, that will mean they have to build their cars here". "It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home".
"Calling the new accord "truly historic news for our nation - and indeed, for the world", the U.S. leader said he hoped to sign it by the end of November".
That financial impact will also be sharply felt in Oxford and Perth counties, where, as part of Ontario's biggest dairy belt, farmers produce more milk than some provinces.
Dairy Farmers of Canada estimates that 220,000 Canadian families rely directly on the dairy industry for their livelihoods. The feds said Monday that the two countries are still negotiating for their eventual removal, but that doesn't exactly constitute good news for an industry that could use some. However, the USMCA clause does not rely on WTO definitions - the way it is worded, if the U.S., Canada or Mexico "determines" a country isn't a market economy, then for the purposes of the clause, it isn't.
Trudeau repeatedly made the point that he had managed to preserve the protected domestic market, which some USA interest groups said should be scrapped.
It also expands USA access to up to 3.75 percent of the Canadian dairy market (versus 3.25 percent in the Trans-Pacific Partnership agreement the Obama administration negotiated but Trump nixed his first week in office).
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He plans to sign the deal next month before sending it to Congress for approval.
"It seems like the dairy industry has been making more concessions than they've been getting out of it - and this one even more so", he said on Monday.
The United States' copyright period generally lasts 70 years after the creator's death, which the new agreement isn't going to change.
The Ontario government is already accusing the federal Liberals (and Prime Minister Justin Trudeau) of throwing dairy farmers "under the bus" by giving American milk producers greater access to Canada's heavily protected system of supply management.
Markets took the news of the deal in stride, with the S&P/TSX composite index closing 0.2 per cent higher while the loonie posted an average gain of 0.86 of a USA cent than Friday.
The end of the trade war isn't the only good thing to come out of the new NAFTA agreement.
Trump has raged about Canada's tariffs on dairy imports, which can approach 300 percent.
Stock markets rallied on Monday as news of the agreement spread. In exchange, both Mexico and Canada get to avoid American tariffs on automobiles for sixteen years .
For Canada, the agreement similarly provides a stable environment for commerce with the country that buys 75 percent of its exports and hosts massive amounts of Canadian investment.