Trudeau affirms China trade aspirations after USMCA's 'non-market' requirement

Trudeau affirms China trade aspirations after USMCA's 'non-market' requirement

Trump again portrayed the United States trade deficit as money given to other countries, rather than the exchange of goods and services, and in almost all the trade talks has included a demand for countries to buy more USA goods. But we stand as a backstop.

"The appropriate measure, in our view, is whether USMCA (United States-Mexico-Canada) is better than NAFTA, which has transformed North America into one of the world's most competitive and successful trading blocs", the company said.

What's going on with China?

At first, Mexico refused to alter its trade policies, but now it has. Since another trip last December, when an anticipated announcement of formal negotiations did not materialize, not much has moved on that front.

Facing a US -imposed deadline of midnight Monday, the two sides reached a deal that preserved a three-country agreement, renamed the United States-Mexico-Canada Agreement.

At first glance, it looks as if the "modernization" aspects of the agreement are as good as or slightly better than what was in the Trans-Pacific Partnership (TPP), a proposed deal that collapsed after a United States withdrawal under President Trump.

He soon found himself in Ottawa, a critical part of a full-court press to get an agreement done before the Sunday midnight deadline imposed by the U.S. Congress to get the deal fast-tracked and voted on by December 1, ahead of a new incoming Mexican government. "Obviously China is a significant growing player on global trade and we, as always, will look for ways to engage, deepen and improve our trading relationship with them in ways that are beneficial both to Canadians and to everyone", he said. Guajardo described the USMCA as a "latest generation" trade pact that benefits the North American region.

Laura Caplin was born and raised in the busy city of Oakville. However, a Canadian senior official suggested that the government is more interested in a "comprehensive" approach to China.

For Trump, the agreement reached in the weeks before the November congressional elections offers vindication for his hardline trade policies that have roiled relations with China, the European Union and America's North American neighbors while causing concerns among Midwest farmers and manufacturers anxious about retaliation. It's "moving swiftly", said Joseph Pickerill, a spokesman for Carr. The Trans-Pacific Partnership, negotiated by the Obama administration, included the three NAFTA partners - United States, Canada and Mexico - plus Japan and eight other Pacific Rim countries.

But there is a widely shared belief that Canada made concessions and the USA did not.

"New monopoly privileges for pharmaceutical firms. could undermine reforms needed to make medicine more affordable here and increase prices in Mexico and Canada, limiting access to lifesaving medicines", Wallach said.

Using trade deals with Canada, Mexico and South Korea as leverage, Washington looks set to sharpen its hard line trade policy against China and what it deems unfair trade practices from Beijing, strategists told CNBC.

How are things going in Europe?

"Entry by any Party into a free trade agreement with a non-market country, shall allow the other Parties to terminate this Agreement on six-month notice and replace this Agreement with an agreement as between them (bilateral agreement)", the text says.

That should worry not just perennial adversary China, already the subject of punishing tariffs on half its exports to the United States, but also Japan, India and Brazil.

Canadian Prime Minister Justin Trudeau had opposed the deal until very recently, but he said Monday that his country was in a more stable place now that it had completed the negotiations.

Canadian dairy farmers, as you might expect, are not happy about the changes.

"I don't really like it", Weekes said of the new "non-market" clause.

Is the government making efforts elsewhere?

The minister was Mexico's head negotiator to the trade talks, which concluded Sunday night after a year and a month of talks.

"Negotiators on Mercosur just met and that market of roughly 275 million, including Brazil, is moving swiftly towards a comprehensive outcome", Pickerill said. She was right. Progress was slow, temperatures ran high, an initial December deadline passed and negotiations bogged down. Each jab sapped away bits of Trudeau's political wiggle room to make a deal with Trump, who is unpopular in Canada.

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