Steelworkers president says tariffs should have been lifted before trade deal signed

Trump had blamed NAFTA for the loss of American manufacturing jobs and wanted major changes to the pact which underpins $1.2 trillion in annual trade

Trump: Trade deal returns US to ‘manufacturing powerhouse’

The USMCA deal was signed only hours before the Trump administration-imposed deadline of 30 September.

"The absence of details on measures to mitigate the impact of the concessions made within the USMCA, as well as the absence of a vision for the future of our industry at this time, can not appease the concerns of the dairy farmers", said Pierre Lampron, president of Dairy Farmers of Canada. This will create high-quality jobs and strictly enforce the rule of origin requirement, he added.

Mexico's future foreign relations secretary said the new trade agreement between Mexico, the United States and Canada "provides certainty for financial markets, investment and job creation". He said this will help manufacturing of the pharmaceutical sectors. The new agreement specifies that these factories must pay their workers a minimum of $16 an hour, roughly triple the current minimum wage at Mexican auto factories.

The agreement governs more than $1tn (£767bn) in trade and replaces Nafta, which was signed in 1994.

It did not take long, however, for someone to scramble the acronym for the agreement - USMCA - and come up with a negative spin. Mexico agreed to provisions requiring at least 40 percent of a vehicle to be built in countries where auto workers earn at least $16 an hour to qualify for duty-free benefits.

The Canadian dollar surged to its highest since May against the U.S. dollar, gaining around 0.5 percent.

"That will be a big change for our processors and when our processors aren't comfortable they don't invest and that's something we need to have to finish our products", he said.

What's more, a substantial portion of those cars has to be produced by workers earning at least $16/hour.

Fans erupt over teenage prodigy's historic Test century
Gabriel trapped his opening partner Rahul in front with a sharp incoming delivery to give the West Indies an early breakthrough. KL Rahul was disappointing, Rahane fell after getting a start, Kohli is unbeaten on 72 but the day belonged to Shaw.

USMCA also said that Mexico needed to make it easier for workers to form unions. What they're going to ship into Canada is either some finished dairy products or they're going to ship in refined milk mostly.

The 3.59 per cent cut follows previous market share losses through the European deal and in the Trans-Pacific agreement. "Were opening more of our domestic market, but we're doing nothing to enhance our ability to expand into other global markets".

Kamps fears the Canadian government may have given up the ability for farmers to dictate a price for their product, items like skim milk powder.

Foreign outsourcing for USA automotive production will be reduced under the deal, said Trump, who predicted "once USMCA is approved, it will be a new dawn for the US auto industry and the US auto worker", turning the country again into "a manufacturing powerhouse".

"If we're cutting close to four per cent out of our industry, that four per cent is just gone, right?" he asked.

But the deal failed to resolve USA tariffs on Canada's steel and aluminium exports. That is expected to be negotiated separately.

The deal also gives modernized protections to things like patents and intellectual properties. It limited imports of those dairy products from the USA and drew criticism from President Donald Trump, who claimed it was "unfair". And if it wants to stay in the USMCA, it may not get the chance to do so without the Americans' blessing. "It's a major hit to the industry".

Latest News