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NAFTA 2.0: What Trump's new US, Mexico and Canada free trade agreement means for Australian farmers

The new US-Mexico-Canada free trade agreement (USMCA) could have ramifications for Australian farmers, a Chicago futures expert says, though to what extent depends on its final terms at ratification.

A major policy spruiked and ultimately imposed by US President Donald Trump, the wholesale revision of the former North American Free Trade Agreement (NAFTA) sets new conditions on how member countries trade with each other.

If ratified, it includes opening up Canada to more US dairy products and gives tariff-free status to cars when 75 per cent of their contents are made in North America.

Chicago-based PRICE Futures Group vice-president Jack Scoville said Australian farmers could see a change in the prices they get as well.

 

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(ABC NEWS 10/10/18)