Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
web
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • ITEC
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • Silicone
    • Latex
    • Coronavirus
    • Executive Action
    • Government/Legal
    • Opinion
    • Technical Notebooks
    • International Elastomer Show
    • Women in Tire & Rubber
    • HEXPOL Sponsored Content
    • Goodyear recognized by Lockheed Martin as 'elite supplier'
      EV tire advancements to help secure future
      Lambillotte: Only question on AVs is timing
      CAR official says EV future brighter than autonomous
    • USW opposes Taiwan tire makers' dumping counterproposal
      Goodyear-branded transmission belts set to return
      Hot topics at virtual CES: AVs, air taxis and drones
      Apollo to raise prices of Vredestein brand tires
    • USW opposes Taiwan tire makers' dumping counterproposal
      Greenergy, Haldor Topsoe tech turns tires to fuel
      India decides against extending carbon black duties
      GRI expanding ag tire capacity at 3-year-old Sri Lanka plant
    • NewAge Industries celebrates 15 years of employee ownership
      India decides against extending carbon black duties
      WCCO task force navigates pandemic, expands communications
      JobsOhio funding gives Sperry & Rice room to grow
    • Safic-Alcan and Arkema working together on distribution deal
      India decides against extending carbon black duties
      Biesterfeld to supply Denka acrylate rubbers
      Ace Products & Consulting partners with Wallace Instruments
    • Ace Products & Consulting partners with Wallace Instruments
      Safic-Alcan extends distribution agreement with Momentive
      Momentive aims to grow silicone presence in Asia-Pacific region
      IRP Medical solidifies portfolio with KDL deal
    • WCCO task force navigates pandemic, expands communications
      ASTM cancels April meetings as COVID-19 continues impact
      Paycheck Protection Program funding reopens Jan. 15
      Detroit Auto Show canceled; alternative event being planned for September
    • ARP Materials adds technical sales manager
      Jack Murphy joins Akron Dispersions
      Adriano Alfani named Versalis CEO
      Maroon Group adds to Southeast sales team
    • USW opposes Taiwan tire makers' dumping counterproposal
      India decides against extending carbon black duties
      Hot topics at virtual CES: AVs, air taxis and drones
      Paycheck Protection Program funding reopens Jan. 15
    • Column: Pandemic looms over everything in life, business in 2020
      Column: Lessons from the 2020 Best Places to Work
      Editorial: Silicone hit hard by pandemic, expected to bounce back
      Column: Still far way from normal
    • Effects of multiple repurposed materials for reinforcements of standard rubber compounds
      Impact of peroxide blends on the cure rate and aged properties in HNBR
      Techniques to detect long chain branching in polymers
      A comparative study looking at effects of curing kinetics and batch variation on SBR injection molding and numerical analytics
    • Rubber Division seeks abstracts for 200th Technical Meeting
      WORD panelists say evolution, authenticity keys to success
      IEC keynote: Communication key to logistics
      IEC speaker: Specialized elastomers may reduce spread of life-threatening pathogens
    • WORD panelists say evolution, authenticity keys to success
      New video celebrates women in rubber industry
      ITEC panelists say women can thrive in tire industry
      Rubber Division planning second Women of Rubber event
    • Sponsored By HEXPOL Compounding
      Faster Access to Your Polymer Compounding Experts Around the World
      Sponsored By HEXPOL Compounding
      Take a walk thru a HEXPOL Lab
      Sponsored By HEXPOL Compounding
      HEXPOL offers a unique selection of High Performance Elastomers to match your application requirements
      Sponsored By HEXPOL Compounding
      It’s what you can’t see that makes the Difference at HEXPOL
  • Blogs
    • Products
    • Wacky World of Rubber
    • New Products: MonTech introduces 1,500 kN lab press
      New products: 3M introduces new durable, pliable medical adhesive
      New Products: Lanxess launches energy-efficient PU elastomer
      New Products: MonTech automates bale cutter for safety, productivity
    • Wacky World of Rubber: How Trelleborg, teens sealed a spot in the world record book
      Wacky World of Rubber: Of chicken and feet, but not chicken feet
      Wacky World of Rubber: Time to go mattress shopping
      Wacky World of Rubber: Because nothing says football like 'frunk' shrimp
  • Newsletters
    • Rubber in Automotive
    • Silicone News
    • Latex News
    • Sign Up for Newsletters
    • USW opposes Taiwan tire makers' dumping counterproposal
      Goodyear-branded transmission belts set to return
      Hot topics at virtual CES: AVs, air taxis and drones
      Apollo to raise prices of Vredestein brand tires
    • Ace Products & Consulting partners with Wallace Instruments
      Safic-Alcan extends distribution agreement with Momentive
      Momentive aims to grow silicone presence in Asia-Pacific region
      IRP Medical solidifies portfolio with KDL deal
    • Jack Murphy joins Akron Dispersions
      Synthomer optimistic, raises earnings forecast
      Top Glove reopens COVID-hit factories with enhanced precautions
      Malaysia electronics group to enter rubber gloves sector
  • Multimedia
    • Videos
    • Photo Galleries
  • Directory
  • Resources
    • Classifieds & Mold Mart
    • Sponsored Content
    • White Papers
    • Sponsored By HB Chemical
      The Company Behind the Inventory
      Sponsored By French Oil Mill Machinery
      Process Improvement, Cost Reduction with Custom Press Systems
    • Sponsored By Uncountable Inc.
      Cooper Standard deploys lab informatics platform to synchronize R&D
      Sponsored By Elkem
      LSR Selectâ„¢: A solution to improve your financial impact in molding applications
      Sponsored By HEXPOL Compounding
      Understanding and Selecting Performance Additives for Rubber Compounding
      Sponsored By HEXPOL Compounding
      Peroxide Cureable Silicone Injection Molding
  • Data
  • Events
    • RPN Events
    • RPN Livestreams/Webinars
    • Industry Events
    • Past Events
    • ITEC Library
    • International Silicone Conference Library
    • 2021 Healthcare Elastomers Virtual Edition
      2021 Rubber in Automotive Virtual Edition
      2020 International Silicone Conference Virtual Edition
      2020 ITEC Virtual Edition
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
October 01, 2018 02:00 AM

Canada joins U.S.-Mexico trade agreement intended to replace NAFTA (updated)

Miles Moore
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Michael McCrady

    WASHINGTON—Canada will join the U.S. and Mexico in a new free trade pact to replace the North American Free Trade Agreement, the U.S. and Canada have announced.

    U.S. and Canadian negotiators reached agreement on the terms of the new pact late on Sept. 30, hours before a self-imposed deadline.

    The new agreement will be known as the U.S.-Mexico-Canada Agreement, according to a joint statement issued by U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland.

    “USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region,” the statement said.

    “It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half-billion people who call North America home,” it said.

    While full details of USMCA were not immediately available, it includes a provision that 75 percent of a vehicle must have been made by USMCA member countries to cross their borders duty-free, up from NAFTA's 62.5 percent. Also, 40 percent of the vehicle must have been assembled by workers making $16 or more per hour.

    The agreement also grants the U.S. greater access to Canadian dairy markets and includes an automatic review of the agreement's provisions every six years.

    Replacement of NAFTA, which President Trump has referred to as “a ripoff,” has been a major goal of the Trump administration since its beginning. The old agreement has been controversial since its inception on Jan. 1, 1994, with the United Steelworkers and other labor unions protesting its alleged displacement of jobs.

    U.S. business interests reacted with dismay in August when the administration announced a new trade agreement with Mexico that did not include Canada.

    The Motor & Equipment Manufacturers Association has long been an advocate of renegotiating NAFTA, but like many other business groups insisted that only a tripartite agreement would be effective.

    “We are pleased that that the U.S., Mexico and Canada have been able to reach an agreement,” MEMA said in an Oct. 1 statement. “It is critical that all three parties be part of the agreement.”

    “The potential strength and longevity of this agreement will be in the details,” MEMA said, adding that it would review USMCA's provisions carefully to see how they will affect its auto parts manufacturer members.

    In a Sept. 30 statement, the National Association of Manufacturers essentially breathed a sigh of relief.

    “Manufacturers are extremely encouraged that our call for a trilateral agreement between the United States, Canada and Mexico has been answered,” said NAM President and CEO Jay Timmons.

    “Today, there's a massive amount of goods flowing across North America, meaning our countries' economies are inextricably linked,” Timmons said. “What's more, as the United States works to put an end to China's cheating and unfair trade practices, we are better off united with our North American allies.”

    The National Retail Federation also hailed the new agreement.

    “We are pleased a deal has been reached that preserves NAFTA's trilateral framework, which is critical to protecting North American supply chains that support millions of American jobs,” said Matthew Shay, NRF president and CEO.

    Moody's Investors Service also expressed optimism about USMCA. The agreement, Moody's said, increases market confidence that a North American free trade agreement will remain in place.

    “But its impact on the credit profile of firms reliant on the regional free trade agreement—such as in the auto, dairy, and agribusiness sectors—will vary depending on the specific details of the agreement,” it said.

    At the close of business Oct. 1, the Dow Jones Industrial Average was up 192 points at 26,651, largely because of the news of the trade agreement with Canada.

    Trump, Canadian Prime Minister Justin Trudeau and outgoing Mexican President Enrique Pena Nieto are expected to sign the agreement within the next 60 days, with Congress to consider the pact next year.

    Letter
    to the
    Editor

    Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber & Plastics News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber & Plastics News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    web
    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Contact the Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • ITEC
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • Silicone
      • Latex
      • Coronavirus
      • Executive Action
      • Government/Legal
      • Opinion
      • Technical Notebooks
      • International Elastomer Show
      • Women in Tire & Rubber
      • HEXPOL Sponsored Content
    • Blogs
      • Products
      • Wacky World of Rubber
    • Newsletters
      • Rubber in Automotive
      • Silicone News
      • Latex News
      • Sign Up for Newsletters
    • Multimedia
      • Videos
      • Photo Galleries
    • Directory
    • Resources
      • Classifieds & Mold Mart
      • Sponsored Content
      • White Papers
    • Data
    • Events
      • RPN Events
      • RPN Livestreams/Webinars
      • Industry Events
      • Past Events
      • ITEC Library
      • International Silicone Conference Library
    • Advertise
    • DIGITAL EDITION