Forget Canada and Mexico. It's all about China

iShares MSCI Mexico Inv. Mt. Idx. (ETF)(NYSE:EWW): New NAFTA Deal Is Done

"We need to sit down and clearly understand what it is they're trying to achieve and how we can continue to support and protect our wine industry that's critically important not only to B.C. but all of Canada".

Trump said the deal will give us farmers greater access to export wheat, poultry, eggs and dairy, while also turning North America into a "manufacturing powerhouse" and ensuring higher wages for auto workers.

Canada's automakers appear to be the big winners from a renegotiated trade pact between Canada, the us and Mexico, while steel and aluminum makers and dairy producers have less to celebrate.

Prime Minister Justin Trudeau tried to placate Canadian dairy farmers by promising compensation and said conversations with the industry are already underway to determine what fair compensation will look like.

The U.S. source said common ground had been reached on all the most hard issues.

"Many Canadians were anxious we wouldn't get a deal, but today, numerous same Canadians are anxious about what we have given up to get this deal".

The president has admitted there was "a lot of tension" but said it didn't affect negotiations.

Following years of threats from Trump and the promise of establishing a new deal more favorable to the US, the latest agreement appears to represent a win for the White House.

The United States and Canada forged a last-gasp deal on Sunday to salvage NAFTA as a trilateral pact with Mexico, rescuing a three-country, $1.2 trillion open-trade zone that had been about to collapse after almost a quarter century. "It's true. They have to keep us happy, because they understand that we're wise to what's been happening", Trump claimed on Monday. That started a 90-day clock that would let outgoing Mexican President Enrique Pena Nieto sign the new pact before he leaves office December 1.

The U.S. first proposed phasing out Canada's dairy system in NAFTA talks and eventually sought more moderate demands.

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Some lawmakers immediately expressed relief that Canada had been reinstated in the regional trading bloc.

Answering a question from a reporter, he said, "I have spoken Prime Minister Modi and he is going to reduce them (tariffs) very substantially". "NAFTA is a proven success".

The sale of B.C. -only wine on the shelves in groceries stores was approved three years ago, as part of an overhaul of the province's liquor laws. To placate Trump, Mexico agreed in August to provisions that would require 40 percent to 45 percent of a vehicle be built in countries where auto workers earn at least $16 an hour to qualify for NAFTA's duty-free benefits. For one, he said, Canada must turn its attention to diversifying trade to become less reliant on the United States.

Trump also refused to be pinned down on whether he intends to ease Section 232 tariffs on Canadian exports of steel and aluminum, saying at once that the tariffs remain in place, but they won't be necessary as long as Canada and Mexico honour the terms of the new agreement.

But relations between Ottawa and Washington soured. It explicitly states that if one of the signatories enters into such an agreement, the other two have the right to withdraw from the USMCA with six months' notice.

Farmers in the United States would also gain greater access to Canada's dairy market through the deal.

The Canadian dollar jumped to a four-month high in response to the deal. Prodan said. "We think when we have a chance to go through some of those details we'll have a chance to explain just how small the opportunity is", he said.

Trump said he spoke to both leaders on Monday.

"It has been shocking and disappointing and upsetting".

The PBS NewsHour will update this story as it develops.

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