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00:00:00
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00:00:01
The U.S. and Canada have struck a deal to replace NAFTA, talks went down to the wire late on Sunday. However Canada has agreed to join what's being called the U.S.M.C.A the U.S, Mexico, Canada agreement. It beats a midnight deadline U.S. president Donald Trump had set for Canada to sign on and ends more than a year of negotiations.
00:00:22
It also overcomes deep divisions between the two sides. Only days ago, Trump had rejected a request from Canadian prime minister, Justin Trudeau to meet face-to-face on the issue. However, sources told Reuters, Trump has approved the deal, and after a late cabinet meeting on the issue, Trudeau gave a thumbs up.
00:00:40
>> Good day for Canada.>> Sources say, as part of the deal, Canada gets to keep protection for its lumber industry. But that comes at a cost, it's agreed to allow American farmers wider access to its closed dairy market. The new deal also gives Canada and Mexico some protection from the threat of tariffs on cars.
00:00:59
Trump has regularly threatened global tariffs on all automobiles imported to America. If he does, anything under a quota of around 2.5 million cars won't get hit. Getting Canada on board is a win for Trump, for years, he's called the old NAFTA a disaster.>> I never liked it, it's been very bad for the United States, it's been great for Canada, it's been great for Mexico.
00:01:21
>> Trump blames it for a loss in US manufacturing jobs and wants major changes. A senior US official told Reuters, Trump intends to sign the new deal at the end of November before it heads to congress for approval