On Monday, US president Donald Trump hailed a new trade agreement struck between the US and Mexico. It’s just over a year since President Trump ordered a renegotiation of the North America Free Trade Agreement (NAFTA), which was signed almost 25 years ago between the US, Canada and Mexico.
The new US-Mexico trade agreement follows months of stalemate between both sides and has taken many in Washington by surprise, where it was not anticipated a deal could be reached this year with the US midterm elections coming up in November and the Mexican presidential election just recently over in July.
Whether Canada will join the new trade agreement remains to be seen. Canadian representatives have not been at the negotiating table in over two months. Announcing the deal, President Trump played up the benefits of the agreement for US farmers. “Our farmers are going to be so happy. Mexico has promised to immediately start purchasing as much farm product as it can,” said Trump. However, for all of the rhetoric, details of the agreement remain scant.
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Speaking to the Irish Farmers Journal, Lucas Fuess, director of market intelligence with HighGround Dairy in Chicago, says more details are needed on how the agreement will benefit US agriculture, particularly when it comes to recently introduced tariffs on US cheese exports to Mexico. “The key component to this agreement that the US dairy industry is waiting for is timing behind removing the cheese tariffs that have been in place since June,” said Fuess.
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On Monday, US president Donald Trump hailed a new trade agreement struck between the US and Mexico. It’s just over a year since President Trump ordered a renegotiation of the North America Free Trade Agreement (NAFTA), which was signed almost 25 years ago between the US, Canada and Mexico.
The new US-Mexico trade agreement follows months of stalemate between both sides and has taken many in Washington by surprise, where it was not anticipated a deal could be reached this year with the US midterm elections coming up in November and the Mexican presidential election just recently over in July.
Whether Canada will join the new trade agreement remains to be seen. Canadian representatives have not been at the negotiating table in over two months. Announcing the deal, President Trump played up the benefits of the agreement for US farmers. “Our farmers are going to be so happy. Mexico has promised to immediately start purchasing as much farm product as it can,” said Trump. However, for all of the rhetoric, details of the agreement remain scant.
Speaking to the Irish Farmers Journal, Lucas Fuess, director of market intelligence with HighGround Dairy in Chicago, says more details are needed on how the agreement will benefit US agriculture, particularly when it comes to recently introduced tariffs on US cheese exports to Mexico. “The key component to this agreement that the US dairy industry is waiting for is timing behind removing the cheese tariffs that have been in place since June,” said Fuess.
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