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Stephens on USMCA’s raw deal for Canada
The fine print in the new NAFTA deal, known as the United States-Mexico-Canada agreement, allows the US to veto Canada’s future trade deals with China.
Here’s an excerpt from his op-ed in the Globe and Mail:
“…If the United States doesn’t like what we have negotiated, we get kicked out of the United States-Mexico-Canada Agreement. Not only that, we have to inform the Americans 90 days before we enter negotiations with China, and reveal the full text to them prior to concluding negotiations. Of all the penalties we have had to pay to get the North American free-trade agreement essentially renewed, this is the highest. We have just sacrificed our independent trade (and arguably foreign) policy on the altar of the USMCA. What were our negotiators thinking?”
Read the full article.