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Canada Trade experts urge heads-up approach for businesses as USMCA comes into force

19:08  30 june  2020
19:08  30 june  2020 Source:   msn.com

Trade experts urge heads-up approach for businesses as USMCA comes into force

  Trade experts urge heads-up approach for businesses as USMCA comes into force WASHINGTON — Experts are urging businesses across North America to keep their heads up and their eyes open as the U.S.-Mexico-Canada Agreement comes into force this week. U.S. trade ambassador Robert Lighthizer has already indicated the Trump administration will be watching closely to ensure American farmers and manufacturers see the full benefits of the new NAFTA, which takes effect Wednesday. The deal comes into force under a familiar cloud: U.S. threats of new 10 per cent tariffs on Canadian exports of aluminum, which Lighthizer says have spiked past acceptable levels in recent months.

Enrique Pena Nieto, Ildefonso Guajardo Villarreal, Donald Trump, Chrystia Freeland, Justin Trudeau sitting at a table in front of a curtain © Provided by The Canadian Press

WASHINGTON — Experts are urging businesses across North America to keep their heads up and their eyes open as the U.S.-Mexico-Canada Agreement comes into force this week.

U.S. trade ambassador Robert Lighthizer has already indicated the Trump administration will be watching closely to ensure American farmers and manufacturers see the full benefits of the new NAFTA, which takes effect Wednesday.

The deal comes into force under a familiar cloud: U.S. threats of new 10 per cent tariffs on Canadian exports of aluminum, which Lighthizer says have spiked past acceptable levels in recent months.

Lighthizer celebrates USMCA, promises enforcement as trade deal comes into force

  Lighthizer celebrates USMCA, promises enforcement as trade deal comes into force WASHINGTON — North America's new trade agreement finally became the law of the land Wednesday, complete with a celebratory warning from the Trump administration that the United States intends to make sure Canada and Mexico live up to their end of the bargain. U.S. trade ambassador Robert Lighthizer lauded the U.S.-Mexico-Canada Agreement as Donald Trump's signature achievement, a landmark trade pact that tilts the benefits of continental managed trade back towards workers, farmers and labourers and away from the giant corporations that reaped the rewards of its NAFTA predecessor.

Prime Minister Justin Trudeau says Canada's aluminum is needed south of the border, where existing manufacturing capacity can only meet a fraction of demand.

Trudeau says tariffs would only increase costs in both countries and create a drag on a U.S. economy that's struggling to recover from the COVID-19 pandemic.

He says the trade deal protects intellectual property, provides security for auto manufacturers and provides investors with confidence that Canada will have preferred access to the U.S. market for years to come.

This report by The Canadian Press was first published June 30, 2020.

The Canadian Press

Moe has no short-term plans to follow Kenney's lead on corporate taxes .
Premier Scott Moe is not planning to cut the corporate tax rate in the near future to catch up with Alberta, which will open up a four-point tax advantage against Saskatchewan next month. Alberta Premier Jason Kenney announced an economic recovery plan for his province on Monday. His government will accelerate a planned reduction in corporate taxes, which will drop from 10 per cent to eight per cent as of July 1. Moe said nothing like that is on “the short-term horizon” for Saskatchewan. Saskatchewan’s corporate tax rate is 12 per cent. Moe said he believes Saskatchewan remains competitive and brushed off concerns that Alberta’s move will suck investment west.

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