Wilbur Ross: New NAFTA deal a 'win' for US dairy
U.S. Commerce Secretary Wilbur Ross on Monday told FOX Business that the new trade deal with Canada and Mexico is a win for the American dairy industry.
The U.S. and Canada on Sunday announced that the two nations and Mexico had reached a deal to revamp the North American Free Trade Agreement, that would allow access to Canada’s dairy market and protect Canada from potential U.S. auto tariffs. The new pact would be renamed the United State-Mexico-Canada Agreement.
According to Ross the new deal eliminates the controversial Class 7 dairy policy that Canada created to boost domestic butter by raising the price for milk.
“It’s quite huge,” Ross told Maria Bartiromo on “Mornings with Maria.” “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.”
In addition, Ross said that there will be higher quotas on cheeses, poultry and eggs.
Along with other components, the new deal will also benefit the U.S., Canadian and Mexico’s auto industries.
“I think it clearly vindicates President Trump’s trade policies because this is fundamental reform,” Ross said. “Now, there’s no more NAFTA, there’s USMCA. So R.I.P NAFTA.”
Ross said he expects the deal to be signed within the next 60 days and he added that the ratification process may take longer.