Video instructions and help with filling out and completing Will Form 8815 Rt

Instructions and Help about Will Form 8815 Rt

Hello and it looks like President Trump has reached a trade deal campaign promise the u.s. a late Sunday night reached a trade deal with Canada and Mexico terminating NAFTA with a historic trade agreement and replacing it with the u.s. MCA Sarah Montes day oka has the details at Sarah that was quite a victory lap we heard over at the White House today Scotty Trump called a new NAFTA the most advanced trade deal in the world but so far other world leaders have been pretty quiet NAFTA talks were down to the wire this weekend Mexico was already committed but Canada agreed to a new trade deal late Sunday night this was just hours before the midnight deadline twenty-four-year-old NAFTA will now be called the us-mexico Canada agreement President Trump brand on a campaign promise to axe NAFTA and create a separate trade deal with the two countries Prime Minister Trudeau took pride in the deal it's an agreement that when enacted will be good for Canadian workers good for Canadian business and good for Canadian families it also needed to be fair which meant that it would have to preserve the fundamental principle of the original agreement which is that when your trading partner is ten times your size you need rules their plan is to sign the deal with Canada and Mexico before December 1st this is when Mexico's current president Enrique Pena Nieto leaves office Pena Nieto noted that this new trade is a win-win-win for all three countries a president Trump mentioned that president Pena Nieto and president-elect Andres Manuel Lopez Obrador worked together on this deal and Lopez Obrador made a statement in Mexico City saying that once the agreement is signed there they won't reopen the negotiation amid president Trump's trade war with China and the EU Trump says this is the most important trade deal that the US has made so far and the biggest throughout the campaign I promise to renegotiate NAFTA and today we have kept that promise but we have negotiated this new agreement based on the principle of fairness and reciprocity to me it's the most important word and trade because we've been treated so unfairly by so many nations all over the world that we're changing that this new deal means big changes for cars starting in 2020 a car or truck must have 75% of its components manufactured in Canada Mexico or the US this is a boost up from its current sixty two point five percent requirement the u.s. MCA also makes significant provisions to improve labor and environmental rights Mexican trucks that enter the US must meet a higher safety requirement and this would allow Mexico to form unions this could help to stimulate some wage growth by 2020 thirty percent of all labor in automobile production should be done by workers earning sixteen dollars an hour now this is expected to move up to 40 percent by 2023 dairy was another huge factor in their negotiations Canada has very strict laws on dairy production and the amount of dairy that comes in from foreign countries but under the new deal US dairy farmers will now be able to send some of their milk to Canada this is three point five percent of their 16 billion dollars for now steel and tariffs are tentatively staying in place trumpet Canada with the 25% tariff on steel and ten percent on aluminum back in March of this year but critics of the deal come from Canadian dairy farmers they're concerned that this will have a dramatic impact on the 220,000 Canadian families that depend on dairy for their businesses and we have yet to hear from US and Mexican farmers the deal is expected to be signed by President Trump on November 30th then submitted to Congress and a vote expected sometime next year but Scotty this deal could face some difficulty in actually getting congressional approval especially if Democrats take control of the house for more on this we are going to turn to US Representative Alan Grayson and Bob Barr thanks for joining us gentlemen certainly congressman Baros Aarthi what do you make of what we know now about this new deal with Canada and Mexico there was a lot of dissatisfaction with NAFTA since the you know since 1994 when it was first passed by the Congress so the fact that President Trump has brought both Mexico and Canada not only to the negotiating table but has reached an agreement at least in broad terms I think is truly amazing I think despite the fact that there are still a lot of details to be worked out here particularly between the US and Canada I do think that at the end of the day unless there are some rabid opponents who let politics stand in the way of their constituents and manufacturers in their districts and across the country I think the deal will pass and and I hope it does I think this is really a milestone for the president well congressman Grayson you know are there parts of the deal that should be kept tell her from NAFTA Democrats and Republicans alike back in 94 pretty much supported it so were there parts that were actually good that you hope to see in this new deal this deal is as close to nothing as you can get and not being nothing this deal is infinitesimal it's a blizzard of details in search of some kind of relevance why does anybody think that increase in the quota on baby formula and powdered skim milk that we send to Canada is going to have any real effect on anything why does anybody think that these three countries have a trillion dollars a year in trade that's 1,000 billion dollars a year the fact that they take some number and increase it from sixty two and a half percent that 75