The American dairy industry is a major winner in the new trade deal between the United States, Mexico, and Canada, Commerce Secretary Wilbur Ross said Monday.
The trade deal will eliminate the Class 7 dairy policy, created by Canada to raise the price for milk in order to boost their domestic butter, Ross told Fox Business' "Mornings with Maria."
“It’s quite huge,” he told show host Maria Bartiromo. “We were already selling some $600 million a year of dairy product up there but the infamous Class 6 and Class 7, which [provoked] the big outcry last year, particularly when the president was out in Wisconsin, those classes are being gradually done away with.”
The United States-Mexico-Canada Agreement, or USMCA, if ratified, will replace the 24-year-old North American Free Trade Agreement (NAFTA). The United States, Mexico, and Canada are expected to sign off on the USMCA before the end of November, White House key trade adviser Peter Navarro said Monday, but its ratification could take several months.
The deal also will benefit auto industries in all three countries, Ross said, and it "clearly vindicates President (Donald) Trump’s trade policies because this is fundamental reform. Now, there’s no more NAFTA, there’s USMCA. So R.I.P NAFTA.”
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