• Benefit U.S. farmers, ranchers, and agricultural businesses by modernizing and strengthening the North American food and agriculture trade. On December 10, 2019, a revised USMCA agreement was concluded by the three countries. On January 29, 2020, Deputy Prime Minister and Minister of Intergovernmental Affairs Chrystia Freeland introduced the USMCA C-4 Implementation Act[93] in the House of Commons and passed first reading without a recorded vote. On February 6, the bill was passed in the House of Commons by a vote of 275 to 28 at second reading, with the Bloc Québécois voting against and all other parties, and was referred to the Standing Committee on International Trade. [99] [100] [101] On February 27, 2020, the committee voted to refer the bill back to the plenary for third reading, without amendment. The Trudeau government`s first budget was unveiled on March 22, 2016 with the theme «Growing the Middle Class.» It has committed to invest $120 billion (about $92.3 billion) over the next ten years, divided into a short-term commitment of CAD 11.9 billion (about $9.2 billion) during Parliament`s term to modernize and improve public transportation systems, water, wastewater, green infrastructure projects and affordable housing. The second phase includes comprehensive measures to reduce urban congestion, develop trade corridors and establish a low-carbon national energy system. It provided additional funding to Indigenous communities, consolidation of tax benefits for children and families, new funding for culture and the arts, and a «revitalization» of the Canadian Broadcasting Corporation (CBC). Funds will also be available to finance an «innovation agenda», including strengthened basic research and a «post-secondary strategic investment fund» to promote research on campuses, commercialization opportunities and training institutions for the country`s universities68, as noted above, with additional deficits estimated by the government at CAD 113.2 billion by GJ 2021. In. using a relatively conservative estimate of 0.4% of annual growth. It also attempts to offset some of these increased expenses by a 4% increase in the maximum tax rate (from 29% to 33%) and by a reduction in the annual tax-free contribution (TFSA) from C$10,000 to C$5,500.

However, this is partially offset by a reduction in the second lowest tax bracket from 22% to 20.5%. On June 19, 2019, the Senate of Mexico ratified the agreement (114 yes, 3 no, 3 abstentions). [88] Mexico`s ratification procedure will be completed when the President announces ratification in the Federal Register. During his election campaign and presidency in 2016, Trump was highly critical of NAFTA (often seen as «perhaps the worst deal ever made») [105] and hailed USMCA as «a great deal for all of us.» [106] However, the USMCA is very similar to NAFTA, having transferred many of the same provisions and making only modest amendments, most often cosmetic,[107] and is expected to have little economic impact. [108] Former U.S. Trade Representative Mickey Kantor, who oversaw the signing of NAFTA under the Bill Clinton administration, said, «This is really the original NAFTA.» [109] The novelty of the USMCA is the inclusion of Chapter 33, which deals with macroeconomic policies and exchange rates. This is considered important, as it could set a precedent for future trade agreements. [54] Chapter 33 sets out monetary and macroeconomic transparency requirements that, if violated, would create a remedy under Chapter 20. [54] The United States, Canada and Mexico currently meet all of these transparency requirements, in addition to the substantive political requirements that are consistent with the articles of the International Monetary Fund Convention. [55] The debate in Canada over the implementation of the negotiated agreement has been highly controversial.

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