The agreement ends more than a year of tortuous melodrama, name-calling, insults and threats from U.S. President Donald Trump, and capped a weekend of 11th-hour negotiations created to meet the midnight deadline imposed by Trump to either get in or get out of the trilateral free trade agreement that Mexico had already signed off on behind Canada's back.
Guess what: Trump made a trade agreement that lets Canada continue to charge 300 per cent tariffs on nearly all dairy products. This is why NAFTA 2.0 includes a rule that each member has to warn each other if they're going to negotiate a free trade agreement with a non-capitalist country.
"The concessions were all from Canada and Mexico", MacKay said.
Jay Gordon, policy director at the Washington State Dairy Federation, said the new trade agreement would help resolve previous pricing uncertainty facing dairy farmers when tariffs were imposed earlier this year.
USMCA also restricts its signatories from entering a free-trade agreement with a "non-market economy". "It could have been much worse". "Beijing should be very concerned".
The measures in the new deal - which Mr Trump dubbed "US MCA" - "will support many - hundreds of thousands - American jobs".
Sunday's agreement is meant to bring manufacturing back to the United States.
In a major propaganda push last week, Chinese President Xi Jinping called on his country to be unified and prepared to grow its own food and develop its own technologies in the face of growing isolation. The new USMCA has come into existence after a year of negotiations.
Mexico's incoming foreign relations secretary, Marcelo Ebrard, said during a news conference that "finishing this process of renegotiation provides certainty for financial markets, investment and job creation in our country".
While much of the new USMCA trade deal is focused on exchanging consumable goods such as dairy and meat products, the automotive sector saw many changes.
While the fine-print details have yet to be analyzed fully, it appears that Canada emerged with dispute-resolution provisions largely intact, avoided a draconian sunset clause, maintained an exemption for cultural industries and allowed only a modest erosion of the supply management system.
"He's a professional. I'm a professional", Trump said, calling it a "fair deal". "But the angst over it is unwarranted". This will let him turn his sights away from steadfast US allies and towards significant rule-breakers like China. It also promised to fully compensate farmers for any losses they might incur. The United States remains our most important trading partner, and will be for the foreseeable future. A Chinese delegation was expected in Washington last week, but the visit was canceled after Trump announced tariffs on $200 billion worth of Chinese goods, infuriating Chinese leaders. -Canada trade. Canada's tariffs on dairy imports can approach 300 percent.
Raymond Bachand, Quebec's chief free-trade negotiator during the recently concluded negotiations, said the number one objective for Quebec was to preserve access to the American market and that was done.
"Today, the message sent to our passionate, proud and quality-conscious farmers and all the people who work in the dairy sector is clear: they are nothing more than a bargaining chip to satisfy President Trump", added Lampron. Even Europe is crawling its way out of the doghouse.
The president said he was having a "successful negotiation" with the EU.