National Economic Council Director Larry Kudlow said the United States-Mexico-Canada Agreement (USMCA) eliminates unfair trade practices, helps American workers and sends a message to China.

President Trump on Monday announced the agreement, which replaces the North American Free Trade Agreement (NAFTA), calling it "historic" and "a great deal for all three countries."

FoxNews.com reported that some of the agreement's breakthroughs include:

- Aiding farmers by curbing Canada’s high tariffs and low quotas on U.S. dairy products.
- Reinvigorating U.S. car manufacturing.  Previously 40 percent of a car could be made in China or other places with few labor or environmental standards and still considered to be “North American” and imported cheaply into the USA.  The agreement drops this foreign portion to 25 percent.
- Easing the burden on sick Americans who fund drug development by paying full price for patented drugs.  Both Canada and Mexico have agreed to respect drug patents on biologic drugs—the most promising field of new cures—for a period of 10 years, which means Americans won’t be only ones from whom drug companies can recover expenses.

"The president has basically delivered on another promise," Kudlow said on "America's Newsroom" Tuesday, calling the deal a win for the U.S., Mexico and Canada.


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Critics of the agreement have alleged that it is bad for Canada's dairy, aluminum and steel industries, and could make it more difficult for patients to get access to cheaper generic drugs because of a patent extension on biological drugs from eight years to ten.

Kudlow said that the USMCA -- in addition to new trade talks with the European Union and Japan -- gives the U.S. a stronger hand to play in looming trade negotiations with China.

"You've got pretty much a united front among the major allies. I've always felt that this would be a trade coalition of the willing to send a message to China that they've got to shape up and start behaving like a citizen in the new world of trading," Kudlow said.

"We are sending China a message, and I hope they are listening."

As for the timeline of negotiations with China, Kudlow said the U.S. is open to "significant and serious" talks any time, but those talks have thus far been "unsatisfactory."


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