FOX BUSINESS:The Trump administration reached a trade agreement with Canada over the weekend, paving the way for the president to sign a renegotiated agreement with both Canada and Mexico by November.
Intellectual Property: The USMCA aims to protect intellectual property by requiring Canada and Mexico to treat U.S. copyrights with the same protections as their domestic ones.
The White House also said the new deal will protect against the circumvention of technological protection measures, such as those that protect digital content.
The deal specifically includes 10 years of protection for biologic drugs, as well as pharmaceutical and agricultural innovators.
The deal contains the strongest protections for trade secrets out of any so far, according to the White House.
U.S. farmers: The deal will open Canada’s dairy market to U.S. products, including fluid milks, cream, butter and cheese. It also imposes a limit on how many dairy products Canada can export and eliminates tariffs on margarine and whey.
Trump said on Monday that “dairy was a deal breaker” during renegotiation discussions, particularly the stipulation that Canada eliminate a program that allowed it to undersell U.S. products domestically and in other markets.
Canada will also provide new access for U.S. chicken and egg exports, and increase access for turkey.
Auto sector: The deal calls for 40 percent to 45 percent of cars to be produced by workers earning $16 an hour, much higher than the minimum wage in Mexico. This aims to support jobs in the U.S. auto industry by leveling the playing field.
USMCA addresses so-called “rules of origin” by requiring automakers to use a higher percentage of vehicle parts made in North America.
“We will be manufacturing many more cars. And our companies won’t be leaving the United States,” Trump said.
Labor protections: The new agreement requires Mexico to allow more workers to unionize and to lift wages in some instances, specifically for autoworkers.
It also includes measures that prohibit the ability of countries to import goods produced by forced labor.