US, Mexico and Canada sign new trade deal

US, Mexico and Canada sign new trade deal”

The signing of the U.S. -Mexico-Canada agreement, or USMCA as Trump refers to it, comes a day before Mexican President Enrique Pena Nieto's successor is set to be sworn in to office.

This has been a battle, and battles sometimes make great friendships.

While praising the "historic" nature of the deal, Trudeau also told Trump that the progress gave "all the more reason why we need to keep working to remove the tariffs on steel and aluminium between our countries".

Trudeau - with whom Trump has had a rocky relationship - spoke next and conspicuously avoided calling the new agreement by its name, "USMCA", a name that Trump came up with.

President Donald Trump Trump celebrated a major political win Friday, joining the leaders of the Mexican and Canadian governments in signing a new North American trade deal that overhauls the rules governing more than $1.2 trillion in regional commerce and closes the door on a quarter-century of unbridled globalization. The revised pact, which comes after a long, hard negotiation, won't replace NAFTA until it's been approved by the legislatures of all three countries.

Canadian officials had insisted Canada would not take part in a signing ceremony unless the steel and aluminum tariffs were lifted. His agenda Friday also includes meetings with the leaders of Japan and India, the signing of a revamped trade deal with Canada and Mexico, as well as a number of heavily choreographed group activities for the gathering of leaders of rich and developing nations.

The original three-nation North American Free Trade Agreement took effect in 1994, but Trump has vilified it as a awful deal that has fuelled a loss of USA manufacturing jobs.

A particular sore point for the Canadian prime minister are the U.S. tariffs on steel and aluminium imposed earlier this year and he said these should be removed.

Among those critics is Senator Elizabeth Warren (D-Mass.) who said on Thursday afternoon that the "Trump's deal" would not "stop the serious and ongoing harm NAFTA causes for American workers".

The USMCA replaces NAFTA, a pact Trump roundly criticized during his 2016 presidential campaign, terming it the worst trade deal in history and blaming it for the loss of American manufacturing jobs since it went into effect in 1994.

"This new agreement will ensure a future of prosperity and innovation for Mexico, Canada and the United States", the president said. All of our countries will benefit greatly.

Trump had forced Canada and Mexico to renegotiate the 24-year-old agreement because he said the existing pact encouraged US companies to move jobs to low-wage Mexico.

It was unclear what exactly the three countries have signed. Canadian officials resolutely rejected Trump's demand to scrap provisions to resolve disagreements through global arbitration, something Ottawa has successfully used to challenge US tariffs.

But the USA landscape will shift significantly in January when Democrats take control of the House of Representatives, after winning midterm elections in November.

Since then, the three sides have bickered over the wording and the finer points of the deal and still had not agreed just hours before officials were due to sit down and sign it as the G20 Summit kicks off in Buenos Aires.

Legislatures from Mexico and Canada, as well as Congress, must approve the deal before it is finalized.

For the auto sector, USMCA increases the regional content of tariff-free vehicles and requires that 40 per cent of a car be made by workers earning at least US$16 an hour, a shift that favours USA and Canadian assembly plants over low-wage Mexican assembly lines.

When the three countries reached the deal at the end of September, Trump said he was not at all confident of obtaining congressional approval.

It also underscores Trump's turn away from the global trade deals his predecessors supported in favor of regional or even one-on-one agreements.

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