"The U.S. could conceivably terminate for Canada engaging in a free trade agreement discussion with China", said Cyndee Todgham Cherniak, a Toronto trade lawyer on Canada's roster for settling disputes under NAFTA.
"Without tariffs, we wouldn't be talking about a deal - just for those babies out there that talk about tariffs", Trump said Monday in a Rose Garden ceremony marking a successor deal to the North American Free Trade Agreement.
US President Donald Trump touted a new trade deal with Canada and Mexico as a win for American workers while investors breathed a sigh of relief that the key pillars of NAFTA had survived his hardball strategy to reshape global commerce, Reuters reports. According to the U.S. Trade Representative, the agreement "address [es] unfair currency practices by requiring high-standard commitments to refrain from competitive devaluations and targeting exchange rates, while significantly increasing transparency and providing mechanisms for accountability".
In a joint statement late on Sunday, US Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement "will strengthen the middle class, and create good, well-paying jobs and new opportunities for the almost half billion people who call North America home".
A timeline of steps the USA must take before implementation is available online here.
The agreement reached on Sunday gives United States farmers greater access to the Canadian dairy market.
Earlier this month a top Republican in the House of Representatives issued a serious warning: patience and time is running out for Canada to come on board a revised trilateral North American trade deal.
Canada is also reported to have secured some protections for automobile industry against potential U.S. tariffs.
Supporting a 21st Century economy through new protections for USA intellectual property, and ensuring opportunities for trade in US services.
Trump announced Monday that the United States and Canada had reached an agreement on trade. If Congress-which may look very different after the looming midterms-fails to ratify the USMCA, it can't enter into force.
WATCH above to hear Toronto Sun columnist Lorrie Goldstein break down the new NAFTA reboot with our host Mark Daniell and if Canada comes out a victor or loser out of this deal. "We were dragged into it and we dealt with it the best we could", said Jean Charest, a former Quebec premier.
"The Liberals began negotiations promising to defend dairy, poultry and egg farmers and to bring in new progressive measures such as a gender chapter, a chapter on the rights of Indigenous peoples and stronger environmental protections".
Roland Paris, a former foreign policy adviser to Trudeau, expressed relief that the deal is done but anxious about the long-term relationship between the two countries.
"So this is a bad deal for individual Canadians who will be paying more for medication, and it's a bad deal for employers and governments whose drug plans will be paying tens of millions of dollars more per year to cover these medications".
"This agreement is a highly significant achievement for Canada, while benefiting all three countries as it should".
"We didn't ask to reopen NAFTA".
"The deadline is midnight tonight to get the text into Congress to make sure this goes forward".
The Dairy Farmers of Canada warned that giving USA farmers an additional 3.59 percent slice of the $16 billion Canadian milk and cheese market would have a "dramatic impact" on the sector.
There is still a 25 per cent tariff on Canadian steel, and 10 per cent tariff on Canadian aluminum which could have a major effect on the automotive industry. "We limited the damage and preserved our access to the American market". Tokyo had resisted Trump's entreaties, preferring a broader trade pact, like the 12-country Trans-Pacific Partnership negotiated by the Obama administration.
Beijing has at times restricted data transfer across China's borders and required foreign companies to store data in China as a condition of doing business in the country - both measures that have hurt US tech companies, Kallmer said.