Archive for October, 2018

Rebranded NAFTA now includes Canada, Mexico and the USA

October 1, 2018

Posted By Fornazor International at 2:43 PM 0 Comment

U.S. President Donald Trump will sign a successor to the North American Free Trade Agreement (NAFTA) that will make modest revisions to a previous deal which was killed. This new agreement will ease uncertainly for companies reliant on tariff-free commerce.

The 24-year-0ld NAFTA will now be superseded by the U.S.-Mexico-Canada Agreement, or USMCA, covering a region that collectively trades more than $1 trillion annually.

The new deal is to have more cars and truck parts made in North America. Also, Canada was holding firm on charging high tariffs on US dairy products. Canada has a complex milk and dairy system. To ensure Canadian dairy farmers don't go bankrupt, the Canadian government restricts how much foreign dairy can enter to keep milk prices high. In the end, Canada is keeping most of its system in place, but is giving a greater market share to the US dairy farmers. That means US dairy farmers can probably send a lot more milk protein concentrate, skim milk powder and infant formula to Canada.

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