Now that COVID-19 has rendered China an international pariah and touched off a global movement to 'reshore' manufacturing capacity, the U.S.-Mexico-Canada Agreement suddenly finds itself in the spotlight -- and under pressure to bring home a win.
WASHINGTON -- If trade deals were football players, Canada's agreement with the United States and Mexico would have been considered a second-stringer a year ago compared to President Donald Trump's original Hail Mary effort to secure a new pact with China.
The agreement -- known in official Canadian circles as CUSMA or ACEUM, T-MEC in Mexico and "the new NAFTA" pretty much everywhere else -- was forged during an arduous 13 months in 2017 and 2018, long before "pandemic" would become a household word across North America. This summer, it will make its debut in a world dramatically different than that of its predecessor.
"USMCA is, by the way, twice the trading activity -- two-way trading -- that China is, so my answer to you is yes, it's going to add quite a lot to GDP and jobs." "Now, we have Canada and Mexico almost urging a bit of a pumping of the brakes in some cases, saying there's too much disruption and chaos facing business to once again have something new to prepare for."
The Trump administration hasn't thrown in the towel on its Phase 1 deal with China, but Kudlow made clear that expectations are being lowered. The United States isn't the only North American partner that's putting a lot of its eggs in the USMCA basket. Mexico, too, is banking on the deal -- as well as the ongoing debate about bringing manufacturing capacity back from China -- being transformative to its fortunes, particularly in light of the COVID-19 reset.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Days before B.C. court decision on Huawei’s Meng, China threatens ‘damage’ to relations with CanadaWarnings come amid new signals that if court sets Meng free, Beijing might release Michael Kovrig and Michael Spavor
Read more »
China-Canada relations hang in the balance with Meng rulingIf Meng Wanzhou regains her freedom, it could open the door to China considering the release of Michael Spavor and Michael Kovrig, and reduce tensions between the two countries
Read more »
‘It just doesn’t process’: China refuses to believe Canada’s legal system is independent, experts sayThe public stance of Chinese leaders is that the courts in Canada are much as they are in China: a pliable tool of the central government that can be manipulated
Read more »
Pompeo declares that Hong Kong is no longer autonomous from mainland ChinaThe notice sets the stage for the U.S. to withdraw preferential trade and financial status that the former British colony has enjoyed since it reverted to Chinese rule in 1997
Read more »
Oil falls on U.S.-China tensions over Hong KongBrent crude fell 45 cents, or 1.2 per cent, to $35.72 a barrel by 0906 GMT and U.S. West Texas Intermediate (WTI) crude was down 26 cents, or almost 1 per cent, at $34.09
Read more »