Canada, Mexico and the U.S. have agreed on  a new trade deal to replace NAFTA.
Canada, Mexico and the U.S. have agreed on a new trade deal to replace NAFTA.
From News Reports

It’s said to be one of the biggest trade deals conducted by a U.S. president. On Sunday evening Canada announced it would be entering the trade agreement the United States and Mexico entered into earlier in September.
Replacing NAFTA will be the United States-Mexico-Canada Agreement (USMCA), which has a figure of $1.2 trillion in trade attached to it. USMCA is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner.
Trump on Twitter called the U.S. agreement with its neighbor to the north “wonderful” and “a historic transaction.”
“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,” Trump wrote.
Specifically, dairy farmers in the U.S. are said to be gaining trade ground with the new agreement as Canada has agreed to open its markets to U.S. dairy.
Another significant line item revolves around the car making industry.
Director of the National Trade Council with the White House, Peter Navarro told reports that USMCA should put North America back into the role of ‘manufacturing power house’. Auto manufacture workers should see an increase in wages and the overall economy should see an uplift because of it.
Canada and Mexico have long been large importers of U.S. beef. In 2017, Mexico was the third most valuable export market for U.S. beef and Canada was fourth. The two countries account for nearly $70 per head of value.
“Our desire has always been to protect the market access and scientific standards that NAFTA has provided for the US beef industry for nearly 25 years. We are eager to hear more details about USMCA and hope that it will continue the successful trade relationship we’ve had with Canada and Mexico,” says JanLee Rowlett, Iowa Cattlemen’s Association government relations manager.
A little less enthusiastic was the United States Cattlemen’s Association. The group was disappointed the new trade agreement did not include verbiage regarding country-of-origin labeling  on U.S. beef products.
In August, USCA sent a letter to President Trump outlining how a modernized NAFTA could reinstate origin labeling and prevent U.S. agriculture jobs from being outsourced to other countries that can produce beef at a lower cost due to less stringent environmental and workplace regulations.
“In short, we are disappointed that the Administration turned its backs on U.S. cattle producers and ignored the opportunity to reestablish a viable country-of-origin labeling program for U.S. beef products. Our founding members fought for the original implementation of mandatory country-of-origin labeling for U.S. beef products in 2002 and we will continue to seek out avenues for its return,” says USCA President Kenny Graner
The USMCA deal is set to be signed on Nov. 30 and then will need to be ratified by Congress sometime thereafter.
The news of the USMCA deal comes a week after the White House announced it had reached a better agreement with South Korea on trade.