“The accord restores—for now, at least—harmony with two neighbors that Mr. Trump has repeatedly criticized in public, paving the way for him to hold a late-November signing ceremony with Canadian Prime Minister Justin Trudeau and Mexican President Enrique Peña Nieto,” the Journal article said.
Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico. The new name will be The United States Mexico Canada Agreement, or USMCA. 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, reduces Trade Barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world. The USMCA is a historic transaction!
As part of the deal, the U.S. is getting expanded access to Canada’s protected dairy market, long a thorn in the side of trade talks.
“Canada will eliminate its so-called Class 7 milk pricing system, a senior U.S. administration official told reporters. New measures will prevent Canada’s system from spilling outside its borders, while market access for the U.S. will exceed Canada’s concessions in Trans-Pacific Partnership talks, the U.S. official said. Canada gave up 3.3 percent of its market in those TPP talks, but the U.S. has since quit the deal.”
Mr. Mauldin added: “Farmers and agribusinesses welcomed the agreement, as it would likely preserve tens of billions of dollars in farm goods traded annually across the countries’ borders. It also should prompt the U.S., Canada and Mexico to each remove tariffs on one another’s products that have hurt U.S. prices for pork, cheese and other foodstuffs. Mexico and Canada have become critical pillars of demand and supply for the U.S. food and agriculture industry since Nafta took effect in 1994.”
Also Monday, Bloomberg writer Shruti Singh reported that, “U.S. corn farmers such as Aron Carlson in northern Illinois can breathe easier thanks to the renegotiated North American Free Trade Agreement.
“‘I am happy they are getting something done,’ Carlson said from a semi-truck on Monday as he was delivering corn to a local buyer. ‘It does give me some reassurance. It’s been a struggle.'”
“The accord alleviates the risk that Mexico, the biggest importer of U.S. corn, will turn to competing exporters such as Argentina,” the Bloomberg article said.
Ms. Singh added: “Soybean futures also advanced on optimism that the Nafta negotiation could herald more U.S. trade deals, especially with China, the world’s biggest buyer of the oilseed. China has shunned U.S. shipments amid the trade war and has increased purchases from Brazil and other countries.”
The Journal article pointed out that,”The prospect of a new North American trade pact, along with a new U.S.-South Korea free-trade agreement signed last week, ‘represent welcome momentum during what has been a challenging year,’ said Jim Heimerl, president of the National Pork Producers Council.”
After more than a year of negotiations, I am ecstatic to see Canada agree to a fair deal and join the US and Mexico in reinstating #NAFTA. Last year Kansas exports to Canada totaled $2.5 billion dollars, so having Canada on board is a huge win for Kansas.
“The new deal, which also includes Mexico, will give the U.S. greater access to Canada’s protected dairy market and eliminate its new milk pricing system, one that’s been repeatedly attacked by President Donald Trump. Dairy was one of the core remaining hurdles to striking a renewed North American Free Trade Agreement and Prime Minister Justin Trudeau had vowed to defend the nation’s restricted sector. Trudeau pledged to compensate farmers to cushion the blow.”
I'm pleased w/ new NAFTA agreement with Canada and Mexico. Particularly pleased that Canada is willing to open their dairy markets→ the 241% tariff imposed on our fluid milk compared to the 0% tariff the U.S. imposed on Canadian milk was an injustice that needed to be rectified.
Mexico & Canada are NE’s 2 largest trading partners. It’s encouraging to see that our 3 nations have renegotiated a modernized #NAFTA. As a member of @SenateAgGOP, I will thoroughly review this agreement to ensure it provides good opportunities for NE producers who feed the world
Keith Good is the social media manager for the farmdoc project at the University of Illinois. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily FarmPolicy.com News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.
Bloomberg News reported this week that, "China’s hog population rose 24% in the year through May and has now almost fully recovered from the recent resurgence in African swine fever, according to the country’s agriculture ministry."
Late last week, Reuters writer Karl Plume reported that, "Chinese state-owned importers bought at least eight cargo shipments of U.S. soybeans on Friday, or at least 480,000 tonnes, the country’s largest U.S. soybean purchases in 4-1/2 months, two U.S. traders familiar…
Financial Times writers Hudson Lockett and Thomas Hale reported this week that, "Hog futures in China have fallen to record lows as mass slaughtering of pigs prompts fears that the world’s second-biggest economy faces a deluge of pork."