Saturday, 24 August, 2019

Larry Kudlow: Dairy blocking trade deal with Canada

US President Donald Trump's trade policy faces a key crossroads Larry Kudlow: Dairy blocking trade deal with Canada
Patty Aguilar | 10 September, 2018, 18:10

U.S. President Donald Trump is threatening to cause the "ruination" of Canada if the countries can not reach a NAFTA deal, with sources pointing to dispute resolution and tariffs on cars as obstacles to a deal.

The republican chairman of the U.S. house of representatives, Kevin Brady said one of the major disputes was over Canada's dairy quota regime.

Confounding a significant number of predictions it looks like President Trump may deliver on his pledge to renegotiate NAFTA, the North American Free Trade Agreement.

Today, in the White House, Canadian Foreign Affairs Minister Chrystia Freeland will sit down opposite U.S. Trade Representative Robert Lighthizer to resume negotiations on revising the North American Free Trade Agreement (NAFTA).

These consequences were spelled out by the president in a tweet on Saturday morning: "There is no necessity to keep Canada in the new NAFTA deal. I can - all I have to do is tax cars - it would be devastating". "That's how big it is", he said.

Tens of billions of dollars in Chinese imports have been slapped with US tariffs and a new round of duties are due to be triggered soon. This gives Mexico the hope of negotiating it away with a future president. Milk, dairy, drop the barriers, give our farmers a break and we can fix some other things.' So I want to predict.

Contention between the two nations persist over Canada's milk and dairy tariffs. A TD estimate puts Canadian job losses at 160,000.

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But Freeland said the "Section 232" national security tariffs on metals were not part of the current NAFTA talks. "We've created leverage and driven Canada to the table", the source said.

"We really are confident, as we have been from the outset, that a deal which is good for Canada, good for the United States and good for Mexico is possible", she said. The Trump administration is trying to get a piece of Canada's protected dairy market, which keeps out foreign competition with 300-per-cent tariffs.

Lighthizer has referred to the exemptions as "cultural protectionism" as Canadian companies are free to buy US media outlets. "And the word that continues to block the deal is m-i-l-k, OK?", Kudlow said on the Fox Business Network show "Varney & Co".

Canadian negotiators are under pressure from the country's dairy lobby not to concede anything amid a tight election campaign in Quebec, home to half the country's dairy farms.

The U.S. charges that Canada discriminates against its dairy exports.

"From what we understand, the USA not only wants access to the market, but that even the exports to the USA or anywhere stop altogether", he said from Washington on Friday. Also not surprising is that the American economy has grown enormously since 1993, the year NAFTA came into effect, that American trade with both Mexico and Canada is at an all-time high, that America has an overall trade surplus with Canada, and that American businesses overall are the greatest beneficiaries of NAFTA trade.

Canadian officials have opened the door to making dairy concessions, but would rather see the existing 1994 NAFTA pact die than be forced to sign a bad deal to update it. Trump has regularly threatened auto tariffs if no deal can be reached. Another 5 per cent is allowed in tariff-free through trade with the US and other countries.

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