Dow Gains 184 Points as U.S. and Canada Reach Trade Deal

Trump and Trudeau agree on a revised NAFTA deal

US, Canada reach trilateral trade pact with Mexico to replace NAFTA

"This agreement not only preserves our partnership with these neighbors, but it also shows the United States can get a better deal for American farmers, businesses and families through strong negotiations".

The U.S. and Canada reached a deal to replace the North American Free Trade Agreement, signed a quarter-century ago, with a new pact that the Trump administration says is easier to enforce.

President Donald Trump says his administration uses tariffs to negotiate trade deals. However, the deal is expected to contain key provisions on Canada's dairy industry and auto exports to the US. The agreement also exempts tariffs on 2.6 million automobiles.

"What's more important than whether there's going to be a huge new gusher of investment", he adds, "is it prevents an erosion of the manufacturing base in the United States and OH by tearing apart the North American production system".

It follows months of friction over the deal between President Trump and Canadian Prime Minister Justin Trudeau.

Meanwhile, the president said he would continue to employ tariffs on other countries only in instances where the governments are "absolutely not willing to do what's fair and reciprocal". He's a professional, I'm a professional. "We don't like their representative very much".

The deal also raised the percentage of automobiles that must be made in North America in order to enter the USA duty-free and raised the bar for respect of US intellectual property, Marshall said.

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"That's dealing with China, dealing with European Union, with everybody, Japan, Mexico, Canada, everybody", he said.

"China is not playing by the rules often, and this helps us to have Canada and Mexico with us to address issues like what is happening with China right now".

"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".

Trump campaigned in OH during the 2016 presidential race advocating for a renegotiated NAFTA deal.

"The US in its trade deals has lost on average nearly $800 billion a year". Previously 40 percent of a vehicle could be made in China or other places with few labor or environmental standards and still considered to be "North American" and imported cheaply into the USA.

"It's a great win for the president and a validation for his strategy in the area of global trade", a senior Trump administration official said. "Our companies won't be leaving the United States, firing their workers and building their cars elsewhere".

"We've created stability with our largest trading partner this week with the new deal with the United States, Mexico and Canada", Bill Morneau said speaking to the Greater Vancouver Board of Trade.

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