The United States and Mexico reached a last-minute NAFTA deal this weekend; agreeing to new terms that updates the trilateral international trade agreement between the North American countries.
According to Bloomberg, negotiators from the US and Canada struck the deal to reach a self-imposed deadline of Sunday evening that allows the countries to remain inside the free trade bloc; ending weeks of speculation on whether Canada would agree to the Trump administration’s new demands.
“Reaching a pact with Canada allows the 24-year-old pact to remain trilateral and for the U.S. to check another box for its legislative process in the lead up to a congressional vote,” writes Bloomberg.
Key points of contention for the White House included increased access for American businesses into Canada’s dairy industry, as well as streamlined regulations regarding US automobile manufacturers.
Read the full report at Bloomberg.
NAFTA NO GO: Trudeau Says NO DEAL that Doesn’t Protect Canada's 'Culture and Identity'
Canadian Prime Minister Justin Trudeau pivoted during high-stakes negotiations on the North American Free Trade Agreement this week; saying he can’t sign-on to any deal that doesn’t protect Canada’s “culture” and history.
According to the CBC, Trudeau “will not sign a renegotiated” NAFTA without direct protections for Canada’s cultural sectors; including media, sports, and other institutions vulnerable for purchase by American corporations.
“It is inconceivable to Canadians that an American network might buy Canadian media affiliates, whether it’s newspapers or TV stations or TV networks. It would be a giving up of our sovereignty and our identity and that is something that we will simply not accept,” said the Prime Minister in Vancouver.
“We’ve made it very clear that defending that cultural exemption is something fundamental to Canadians,” he added.
Read the full report here.
PROMISE KEPT: US-Mexico Agree to ‘PRELIMINARY’ NAFTA Deal
Negotiators from the United States and Mexico have reportedly struck a “preliminary” deal to overhaul the 24-year-old North American Free Trade Agreement; fulfilling the President’s key campaign promise to revamp the nation’s outdated trade policies.
“The United States and Mexico have reached agreement to revise key portions of the 24-year-old North American Free Trade Agreement and a preliminary deal could be announced on Monday, a crucial step toward revamping a trade pact that has appeared on the brink of collapse during the past year of negotiations,” writes the New York Times.
A big deal looking good with Mexico!
— Donald J. Trump (@realDonaldTrump) August 27, 2018
According to insiders, the new agreement addresses concerns raised by the White House regarding the automobile industry, construction, and protecting American workers.
Read the full story here.