Loonie Strengthens; Dairy Farmers Fume Over New Trade Deal With U.S.

Feds Say Dairy Sector Will Be Compensated for US Market Access

While the Loonie gained nearly a cent with word Canada and U.S. had signed a tentative trade deal, it left a sour taste in the mouths of Canada’s dairy farmers.

The Canadian dollar rose to 78.13 cents US in early trading Monday compared with an average of 77.25 cents US on Friday.

Dairy Farmers are critical of the deal saying it will undercut the industry by limiting exports and opening up the market to more American products.

The impact, they say, will be dramatic.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“This has happened, despite assurances that our government would not sign a bad deal for Canadians,” Pierre Lampron, president of Dairy Farmers Canada, said in the statement. “We fail to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood.”[/perfectpullquote]

Foreign Affairs Minister Chrystia Freeland says the dairy industry will be compensated for the additional US access to the Canadian market. How that will be done has yet to be established.

Negotiators for both sides say workers, farmers, ranchers, and businesses get a high-standard trade agreement resulting in freer markets, fairer trade and robust economic growth in all regions. In addition, they say it will strengthen the middle class, and create good, well-paying jobs and new opportunities for the half-billion people who call North America home.

Full details have yet to be released.

Prime Minister Justin Trudeau is expected to comment on the deal this morning.