Trade experts urge heads-up approach for businesses as USMCA comes into force

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Trade experts urge heads-up approach for businesses as new NAFTA trade deal comes into force cdnpoli

Assuming that the USMCA, which takes effect Wednesday, does little more than update its old NAFTA predecessor would risk running afoul of the deal's new rules -- or worse, leaving money and new prosperity on the table, said Paul Burns, an international trade lawyer in Baker McKenzie's Toronto office.

The deal is coming into force under a familiar cloud: U.S. threats of new 10 per cent tariffs on Canadian exports of aluminum, which U.S. trade ambassador Robert Lighthizer says have spiked past acceptable levels in recent months, a claim officials in Ottawa strenuously dispute. "If they put tariffs on Canadian aluminum, they're simply increasing the costs of necessary inputs to their manufacturing base, which will hurt the American economy. Again, we see that our economies are so interlinked that punitive actions by the United States administration end up hurting Americans the same way they end up hurting Canadians."

Trudeau said the new agreement, which he referred to as "a renewed NAFTA," will help to protect intellectual property north of the border, provide security for auto manufacturers and encourage investors with new confidence that Canada will have preferred access to the U.S. market for years to come. With the help of Export Development Canada and provincial partners, small- and medium-sized businesses will have enhanced access to trade finance, insurance coverage and growth capital under the USMCA, she said -- a distinction from its predecessor, the great failing of which was its lack of inclusivity.

 

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No shock we took trumpy for a ride, hes not a smart man... I mean, look at his notes lol

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