Canada signs new trade agreement with US, Mexico

05 December, 2018, 04:26 | Author: Sally Reid
  • Donald Trump

Meanwhile, on Capitol Hill, lawmakers must approve the new trade agreement with Mexico and Canada that Trump signed along with leaders of those two countries Friday, replacing the North American Free Trade Agreement from 1994.

"I will be formally terminating NAFTA shortly", the president said of the trilateral agreement he and his supporters have long loved to hate.

Trump, along with Canadian Prime Minister Justin Trudeau and outgoing Mexican President Enrique Peña Nieto signed a new pact succeeding more than a year's debate.

The original NAFTA deal is back on top of Donald Trump's hit list, with the USA president declaring he intends to terminate the 24-year-old trade pact - a move created to pressure lawmakers on Capitol Hill to approve its recently negotiated successor. Kester says the agreement brings the trading relationship with US neighbors into the 21st-century. The agreement has been losing support in recent days as Democratic lawmakers, ready to take control of the House in January, reckon with fallout from the announcement last week that General Motors was planning to idle five plants in North America. But this time, Trump's take-it-or-leave-it scenario was directed at the newly elected Democratic Congress: Approve the USMCA or have no deal at all.

The president also said that China would buy massive amounts of agricultural products from the USA and that Xi agreed to make criminal opioid exportation one of the hardest-punished crimes in the country.

Trucks move almost $385 billion in goods between the US and Mexico, and $336 billion in trade between the USA and Canada. In interviews over the weekend, Brown has said the new agreement needs to have stronger labor standards and protections against outsourcing.

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"We don't yet have a specific agreement on that, but I will just tell you, as an involved participant, we expect those tariffs to go to zero", he said.

If no deal can be reached, both versions of the treaty would be void, which would result in far more restrictive trade that could have a severe impact on industry and agriculture in all three nations, economists have warned.

"If they come - which they have - to talk about an extension because of President Bush's passing, I would absolutely consider it and probably give it", he said.

"Make no mistake, we will stand up for our workers and fight for their families and their communities", he said.

Business Roundtable, an influential association of leading US companies' executives, also called for a "prompt resolution" of the tariff issue between all three countries while reviewing the final text of the new trade agreement. "But what isn't in it yet is enough enforcement reassurances regarding provisions that relate to workers and to the environment", she said. The United States should protect its sovereignty over the interests of other countries.

"As now drafted this deal will put Florida seasonal vegetable growers out of business", Rubio wrote.

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