Justin Trudeau, Donald Trump and Peña Nieto have signed new trade deal agreement at the G20 summit in Argentina.
New NAFTA deal will still have to be ratified by each country’s government before taking effect. Even though, steel and aluminum tariffs will continue in place.
Trump told his supporters that the new NAFTA renegotiation will be an improvement over the previous deal and Mexico President, Peña Nieto said that the deal is victory to his country, saving free trade from Donald Trump, who previously wanted to “finish it”.
Meanwhile, Canadian dairy producers saw how this deal could affect its sales because of excessive production milk by American dairy industry, which was also affected by Trump’s abandonment of the Trans-Pacific trade deal.
The USMCA will require Canada to abandon its pricing system for dairy ingredients that the North-American country thought was essential for its long-term viability.
Diary Farmers of Canada and Dairy Processors Association of Canada have been told that negotiators will not finally include this text in the final deal, but they’re still looking forward to read the text as some government officials told that “it definitely could be included”.