Canada will consider the passage of the U.S.-Mexico-Canada Agreement next week. Prime Minister Justin Trudeau told reporters this week, ”On Monday, we will introduce a Ways and Means motion, and on Wednesday we will table legislation to ratify the deal.”
The comments were part of a press conference detailing plans for Canada’s Parliament, which returns to work next week. Trudeau says, “We are going to make sure that we are going to move forward in the right way, and that means ratifying this new NAFTA as quickly as possible, but responsibly in the House of Commons.” Canada is the last of three nations to take action on the agreement.
Mexico has already ratified the agreement, and the U.S. has one final step to ratify the agreement, being President Donald Trump’s signature. The USMCA, or CUSMA, as it’s known in Canada, is estimated to be worth an extra $2 billion annually in exports for U.S. farmers.
Phil Hogan, the new Trade Commissioner for the European Union, was in Washington, D.C., last week and spoke about the tense relationship between the EU and the U.S. The New York Times says Hogan promises to “robustly defend” European interests as he justified the European position on trade disagreements with the U.S. over airplane subsidies, digital taxes, and the World Trade Organization.
He criticized American officials for being inaccurate in claiming that trade between the U.S. and EU was unbalanced, while also saying America’s aggressive use of tariffs against trading partners was “hardly sensible.” His comments came as the U.S. is considering the use of new tariffs against the European Union trading bloc.
However, Hogan ruled out the possibility of a three-way trade relationship between the EU, the U.S., and the United Kingdom in a post-Brexit world. U.S. Commerce Secretary Wilbur Ross tells Fox Business News that sealing the phase one trade deal with China and congressional passage of USMCA boosts the U.S. negotiating stance with Europe. “Our position is infinitely better already just because of these two deals,” Ross says.
Wednesday is an important day for the trade dispute that’s dragged on between China and the United States. The South China Morning Post confirms that the Chinese Vice Premier will be heading to Washington to participate in the signing ceremony for a partial trade agreement between the two nations.
The deal will boost U.S. agricultural commodity shipments to China in exchange for the White House cutting back on some of the existing tariffs on Chinese goods. U.S. President Donald Trump has said China will buy as much as $50 billion worth of agricultural goods every year within the next two years. However, Beijing still hasn’t confirmed any of those numbers yet.
A deputy ag minister quoted by a Chinese magazine last week says his country has no plans to change its grain import quota system. Politico says trade analysts point out that could make it extremely difficult for Beijing to meet U.S. demands. The other fact that makes many economists skeptical is the most U.S. agricultural products China has ever purchased was $26 billion back in 2012.
President Trump recently said on Twitter that he’ll be heading to Beijing to begin talks on Phase Two of an agreement, but a spokesperson for China’s Ministry of Commerce didn’t provide any additional details on potential talks.