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7 Quick Takeaways from America's New Trade Agreement with Canada and Mexico
Posted by I B Freeman on 10/2/18 at 9:10 pm4103
Simply posting this because none of you will. Don't shoot the messenger. Send the author an email if you want.
LINK
quote:
The U.S.-Mexico-Canada Agreement (USMCA): 7 Questions Answered
Consumers are the biggest losers in the new trade agreement.
Monday, October 01, 2018
Joe Carter
Economics Trade Agreement NAFTA Protectionism
What just happened?
Shortly before midnight on September 30, the United States and Canada agreed to a deal to replace the North American Free Trade Agreement (NAFTA). The new trilateral trade agreement is called the United States-Mexico-Canada Agreement (USMCA).
When does it take effect?
Before it can take effect, leaders from each of the three countries must sign it and get it approved by their nations' legislatures. Because this process is expected to take several months, the main provisions of USMCA won’t take effect until 2020.
Is this a free trade agreement?
No. Unlike NAFTA, this latest agreement makes no pretense to be about free trade (or even freer trade). It’s a protectionist agreement imposed by the U.S. on the other two countries.
Who benefits from the agreement?
The primary beneficiaries of the agreement are labor unions, U.S. dairy farmers, U.S. drug manufacturers, and companies that provide automation for manufacturers (e.g., robot makers).
The agreement will require at least 30 percent of cars (rising to 40 percent by 2023) to be made by workers earning $16 an hour. This will force more cars to be produced in the U.S. and Canada since the typical manufacturing wage in Mexico is only about $5 per hour. The agreement also requires Mexico to make it easier for workers to form unions, which will make them less competitive against more productive unionized workers in the U.S. and Canada.
U.S. dairy farmers will also gain greater access to the Canadian market. Because of new restrictions on how much dairy Canada can export, there is the potential for U.S. dairy to gain a greater market share in foreign countries.
U.S. drug companies will also be able to sell pharmaceuticals in Canada for 10 years (rather than eight) before facing generic competition.
Because the agreement makes human labor in the three countries somewhat more costly, companies that create robots and other automation will likely be the long-term beneficiaries.
Who are the biggest losers in this agreement?
As with almost all protectionist trade agreements, consumers are the ones who will be hurt the most.
As the Washington Post notes, economists and auto experts think USMCA is going to cause car prices in the U.S. to “rise and the selection to go down, especially on small cars that used to be produced in Mexico but may not be able to be brought across the border duty-free anymore.”
Because the restrictions on Canadian steel and aluminum also remain in place, businesses that use those materials in manufacturing will pay inflated prices, and their products will be less competitive on the global market.
LINK
This post was edited on 10/2 at 9:17 pm
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by The Baker on 10/2/18 at 9:13 pm to I B Freeman
(no message)
This post was edited on 1/10 at 4:52 pm
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Dick Leverage on 10/2/18 at 9:13 pm to I B Freeman
This time you have convinced me! LOL loser
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Turbeauxdog on 10/2/18 at 9:14 pm to I B Freeman
quote:
No. Unlike NAFTA, this latest agreement makes no pretense to be about free trade (or even freer trade). It’s a protectionist agreement imposed by the U.S. on the other two countries.
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Stingray on 10/2/18 at 9:15 pm to I B Freeman
Thanks Free Trade Jesus.
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Pendulum on 10/2/18 at 9:15 pm to I B Freeman
I'm reading this spin, but even spun, it still sounds pretty good for the US, so it must be really fkn good for the US in actuality.
Cool
Cool
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by I B Freeman on 10/2/18 at 9:17 pm to The Baker
Well the messenger is right in that tariffs
1) are harmful to the economy
2) are bad for consumers because they result in higher prices
3) create more corruption in government as bureaucrats pick winners and losers
AND the messenger is right when he says there is no evidence in any numbers of the Bureau of Labor Statistics to support the claim that our trade deficits have resulted in fewer jobs in the US economy.
No intelligent person can deny those points.
1) are harmful to the economy
2) are bad for consumers because they result in higher prices
3) create more corruption in government as bureaucrats pick winners and losers
AND the messenger is right when he says there is no evidence in any numbers of the Bureau of Labor Statistics to support the claim that our trade deficits have resulted in fewer jobs in the US economy.
No intelligent person can deny those points.
This post was edited on 10/2 at 9:19 pm
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Jake88 on 10/2/18 at 9:18 pm to I B Freeman
Despite using the boogeymen of pharmaceutical companies and even my hated unions, I'm trying to find the problem.
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by blowmeauburn on 10/2/18 at 9:19 pm to Pendulum
Lol so the Christian thing to do is to support the indentured servitude of mexicans? We are helping them get higher wages in the short term.
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re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by omegaman66 on 10/2/18 at 9:20 pm to Pendulum
Isn't there a provision in this deal and the deal with Europe to limit or restrict imports from China in some way?
If my memory serves me right, these deals will really help hinder China's ability to resist Trumps terms on our trade deal with them.
If my memory serves me right, these deals will really help hinder China's ability to resist Trumps terms on our trade deal with them.
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Vacherie Saint on 10/2/18 at 9:20 pm to I B Freeman
quote:
As with almost all protectionist trade agreements, consumers are the ones who will be hurt the most.
As the Washington Post notes,
Stopped reading right there.
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Gaspergou202 on 10/2/18 at 9:20 pm to I B Freeman
Trump.
Promises made. Promises kept.
How uniquely refreshing!
EU, Mexico, Canada, and China next!
Promises made. Promises kept.
How uniquely refreshing!
EU, Mexico, Canada, and China next!
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by I B Freeman on 10/2/18 at 9:20 pm to Jake88
Paul Krugman sees no problems with higher taxes on consumers either. You and him appear in agreement.
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by PickupAutist on 10/2/18 at 9:21 pm to I B Freeman
Only IB Freeman could try to spin a trade deal with Canada where the US made absolutely zero concessions and got all the benefit as the bad thing.
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by deltaland on 10/2/18 at 9:21 pm to I B Freeman
They fail to mention how it benefits Mexican workers who will make more money, reducing the need for them to immigrate here. Less immigration means a tighter job market, which means rising wages. This helps offset the rise in costs of goods.
The tariffs on steel and aluminum is to keep China from using the loophole by dumping substandard steel in Canada and having it shipped here from Canada
The tariffs on steel and aluminum is to keep China from using the loophole by dumping substandard steel in Canada and having it shipped here from Canada
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by TigerMikeAtl on 10/2/18 at 9:21 pm to I B Freeman
Did you come out of the womb this way or did you experience a horrible accident early in life?
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Johnpettigrew on 10/2/18 at 9:21 pm to I B Freeman
You are just pissed they have not come to an agreement with the Chinese yet. Mardi Gras around the corner and it’s time for you to get that bead business in high gear.
That's what I was thinking. This makes US labor more competitive, while US dairy farmers gain market share in Canada and US pharmaceutical companies get an additional two years of revenue from their brand name products. What's the problem besides "Trump?"
re: 7 Quick Takeaways from America's New Trade Agreement with Canada and MexicoPosted by Colonel Flagg on 10/2/18 at 9:22 pm to I B Freeman
So is the article stating that regulations the US put on US industry are bad since they are trying to say those same regulations should not be done in Canada and Mexico?
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