Canada, US agree to NAFTA replacement that includes Mexico

Decision day dawns as intensive NAFTA effort nears U.S.-imposed deadline

Decision day dawns as intensive NAFTA effort nears U.S.-imposed deadline

But with an overnight deadline approaching, negotiators reached a deal which the two countries said would "result in freer markets, fairer trade and robust economic growth in our region".

Trump, who has already imposed tariffs on Canadian steel and aluminum, has also repeatedly threatened to impose even more crippling levies on auto imports if a deal can't get done.

Canada will open its dairy market further to U.S. producers, and Washington left unchanged the dispute settlement provisions which Ottawa demanded.

Mexico's new president-elect, however, said in an interview Friday that he has agreed to push the American side to make a deal with Canada. Prime Minister Justin Trudeau called the cabinet meeting inside his office across the street from Parliament Hill, where high-level staff and Freeland had been working over the weekend to secure a NAFTA deal. Dairy access was a key USA demand, made repeatedly by Trump, though the US already exports about $500 million of milk products duty-free to Canada every year.

If the deal is ratified by the three countries' legislatures, their heads of state - US President Donald Trump, Canadian Prime Minister Justin Trudeau and Mexico's outgoing president Enrique Pena Nieto - will sign it on November 30, reported Mexican TV network Televisa.

"Lots of progress but we're not there yet", he said. "It's either going to be the text goes in with Mexico and the USA, or the text goes in with all three countries".

According to industry experts, the rule would also allow the Trump administration the ability to impose higher tariffs on national security grounds if vehicles do not comply with the new thresholds.

The U.S., in turn, has agreed to preserve the "Chapter-19" mechanism for resolving disputes over anti-dumping and anti-subsidy duties, but with some limitations to address American concerns about the tool usurping domestic courts and undermining its sovereignty, the person said.

Earlier Sunday, one of Trump's senior trade advisers, Peter Navarro, told Fox News that Canada's positions on dairy sector regulations and on worldwide dispute resolution remained among "several sticking points", but suggested that disagreements over digital intellectual property and certain pharmaceutical protections had been largely resolved.

The deal is "going to change peoples lives and it's going to make" America stronger and better, the officials conveyed.

Under the current system, US imports exceeding quota levels are subject to excessively high tariffs, such as 245 percent for cheese and 298 percent for butter.

NAFTA tore down most trade barriers between the United States, Canada and Mexico, leading to a surge in trade between the three countries.

The U.S. and Mexico made an agreement in August, putting pressure on Canada to reach a deal as well. The White House had set a September 30 deadline to release the text of its new trade agreement with Mexico.

After his election, Trump pledged to overhaul the terms of NAFTA, denouncing it a bad deal for the United States.

"There's just a lot going on, and not a lot of time to do it in....at the end of the day, US negotiators are agreeing, but it still has to be the president that signs off, and who knows where he is on things".

Trump campaigned on a promise to rewrite NAFTA - or get rid of it. Talks on a rewrite began more than a year ago.

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