New York Times: U.S. and Canada reach trade deal to salvage Nafta. The United States and Canada reached a last-minute deal to salvage the North American Free Trade Agreement on Sunday, overcoming deep divisions to keep the 25-year-old trilateral pact intact. The deal came after a weekend of frantic talks to try and preserve a trade agreement that has stitched together the economies of Mexico, Canada and the United States but that was on the verge of collapsing. The agreement reached on Sunday includes changes to several provisions in Nafta.
■ International settlement dispute: A system that allows Nafta countries to rely on an independent body to resolve disputes will remain intact. Canada had insisted on keeping this provision, known as Chapter 19.
■ Dairy: The United States will be allowed to increase dairy exports into Canada, a win for Mr. Trump, who had insisted on greater access for United States dairy farmers.
■ Autos: Requires a higher percentage of a car to be manufactured in North America to qualify for zero tariffs. For the first time, the deal requires that a percentage of any vehicle that qualifies for zero tariffs must be manufactured in a factory where the average production wage is at least $16 an hour.
■ Tariffs – Steel and aluminum tariffs remain in place on Canada and Mexico, pending further negotiations. Canada and Mexico secure at least a partial exemption from any potential future American tariffs on automobiles.
BBC: US and Canada reach new trade deal to replace Nafta. The US and Canada have reached a new trade deal, along with Mexico, to replace the current North American Free Trade Agreement (Nafta). The United States-Mexico-Canada Agreement (USMCA) gives the US greater access to Canada’s dairy market and allows extra imports of Canadian cars. The deal has 34 chapters and governs more than $1tn (£767bn) in trade. US President Donald Trump, who has long sought to change Nafta, said the new deal was “wonderful”.
Reuters: Global stocks, Canadian dollar up on NAFTA deal, safe-haven assets hit. A pact between the United States and Canada to rescue the trilateral North American Free Trade Agreement with Mexico drove up global stock markets and the Canadian dollar on Monday, while weighing on safe-haven assets. The newly named United States-Mexico-Canada Agreement (USMCA) announced on Sunday preserves a $1.2 trillion open-trade zone that was on the brink of collapse after nearly a quarter century. “It is good news not only for NAFTA and North America in general, but a lot of market participants are really viewing this as a positive for future negotiations, especially with China,” said Lindsey Bell, investment strategist at CFRA Research in New York.
Business Insider: The Mexican peso and the Canadian dollar are ripping higher after the new NAFTA deal. The Mexican peso and the Canadian dollar were surging Monday morning after the US and Canada struck an agreement that strengthens the trading relationship of the three North American economic powerhouses. Trade negotiators for the US and Canada on Sunday evening put the finishing touches on a deal to reshape the 25-year-old North American Free Trade Agreement, known as NAFTA. It is the largest trade-deal rewrite of President Donald Trump’s tenure.
Al Jazeera: US, Canada and Mexico clinch new trade deal. President Donald Trump has described the signing of a new free trade deal with Mexico and Canada as signaling “a new dawn” for Americans and the return of the country as a “manufacturing powerhouse”. Speaking at a White House news conference on Monday, Trump said the new agreement – which is expected to come into effect in late November – will be the “biggest trade deal in United States history”. But Trump added that the deal would still need to be ratified by Congress, a step that could be complicated by the outcome of the fall congressional elections.
Russia Today: Canada, US secure revised NAFTA deal in last minute effort. Canada and the US have agreed a basis for the revised North American Free Trade Agreement (NAFTA), reaching a compromise in late-night talks on Sunday after months of stand-off. In a joint statement, issued by Canada’s Foreign Affairs Minister Chrystia Freeland and the Office of the United States Trade Representative (USTR), the parties revealed the name of the upgraded trade deal – the United States-Mexico-Canada Agreement or USMCA. The breakthrough came on Sunday evening as the negotiating parties agreed on key elements of the revised trade agreement, the Canadian Broadcasting Corporation reported, citing a senior source with direct knowledge of the talks.
Nessma TV – Tunisia: Foreign Minister and Canadian Tourism Minister discuss the Francophonie and travel advisories. The Tunisian Minister of Foreign Affairs had had a phone call with the Canadian Minister of Tourism, Official Languages and La Francophonie, Mélanie Joly, and discussed ways to advance bilateral cooperation and Tunisia’s preparations for hosting the 18th Francophonie Summit in 2020. The ministers also discussed the progression of cooperation programs in economic, higher education, and tourism sectors, as well as the results of the Tunisian Minister’s latest visit to Canada in June 2018. Joly affirmed that Canada is reviewing its travel advisories to certain regions in Tunisia – a step which shall enhance tourism from Canada in the country. The number of Canadian tourists in Tunisia has increased by 50% from August 2017 to August 2018.
