Friday, March 29, 2024

Timer

Canada inks new trade deal with U.S. and Mexico called USMCA

First Published:

Canada and the United States have finally reached a deal to keep Canada in a free trade pact with the U.S. and Mexico.

The new agreement is 13-months in the making and came to fruition late Sunday night, just hours before an end-of-weekend deadline.

Details remained sparse, but Prime Minister Justin Trudeau shared a small sentiment as he left a late-night cabinet meeting in Ottawa saying, “It’s a good day for Canada.”

The new deal – now called the U.S.-Mexico-Canada Trade Agreement, or USMCA – replaces the 24-year-old NAFTA.

Canadian Foreign Affairs Minister Chrystia Freeland and United States Trade Representative Robert Lighthizer released a joint statement saying they look forward to further deepening their close economic ties.

The statement adds, “USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region. It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home.”

According to The Canadian Press, the new deal is said to give U.S. farmers greater access to the Canadian dairy market, but keeps a dispute-resolution process the U.S opposed.

Canada, the United States’ No. 2 trading partner, was left out when the U.S. and Mexico reached an agreement last month to revamp the North American Free Trade Agreement.

U.S. President Donald Trump tweeted earlier Monday saying a “wonderful new trade deal” had been reached with Canada, adding the country into the deal already reached with Mexico. “It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduce Trade Barriers to the U.S. and will bring all three Great Nations closer together in competition with the rest of the world. The USMCA is a historic transaction!”

 

More Top News

What’s open, closed in Hamilton, Halton and Niagara for Easter long weekend

The Easter holiday marks the first long weekend of Spring, and it brings closures that can affect businesses, city services and public transportation. Here’s a...

Ontario school boards suing TikTok, Meta, and Snapchat

Four of Ontario's largest school boards are suing the parent companies of Facebook, Instagram, Snapchat, and TikTok. The boards are alleging the social media platforms...

Evening weather forecast for March 28, 2024

Shelly Marriage shares the forecast for March 28, 2024 and the days ahead.

Experts warn drivers to be careful on eclipse day

Researchers from Sunnybrook Health Sciences Centre in Toronto are warning drivers to beware in the hours before and after the big solar eclipse on...

Premier Ford rejects Ottawa’s bill of rights and protection funds for tenants

Premier Doug Ford is going along with the Quebec government in rejecting Ottawa's attempt to help renters. On Wednesday, Prime Minister Justin Trudeau gave...

Hamilton mayor intends to use strong mayor powers for affordable housing

Residents and businesses near two Stoney Creek parking lots are disappointed after Hamilton mayor Andrea Horwath decided to use her strong mayor powers to...