Economy

Donald Trump Signs New U.S.-Mexico-Canada Agreement

Donald Trump Signs New U.S.-Mexico-Canada Agreement”

The US-Mexico-Canada Agreement (USMCA) will replace the 26-year-old North American Free Trade Agreement.

Sommers said the replacement agreement for NAFTA (the North American Free Trade Agreement) will ensure the USA can continue its role as the world's energy leader while delivering affordable and reliable energy to Americans and enabling environmental progress. Under the new agreement, he said USA goods will have more access and promotion in the other markets.

U.S. President Donald Trump signed a trade deal Wednesday that replaces 1994's North American Free Trade Agreement.

House Democrats sat on the deal for a year, saying they wanted stiffer protections for workers and the environment and a way to enforce those provisions.

Marshall area pork producer Greg Boerboom said the USMCA was "a great deal" for American pork, although not because of changes to trade with Mexico and Canada. The Mexican government has already signed off on the deal and with President Trump's John Hancock on Wednesday, it just needs the approval of the Canadian parliament, which is expected to come soon.

"Trade agreements as public policy tools do two things: they open markets and liberalize trade between parties so as to incentivize mutual benefits - supply chains, investment, business partnerships - and they create predictable rules that Canadians can count on in deciding to make business choices", Hillman said in an interview.

The Saskatchewan MP praised the cross-partisan "Team Canada" approach to negotiating a new deal and thanked Freeland for involving other parties.

"As we have studied why do two countries do more global trade with each other, there have been two major factors that have been discovered", he said.

Still, milk producers in Canada are better organized than those here, and while they have agreed to "open the door" to allow more USA dairy into their market, "they're going to be cautious about opening the door completely", the dairyman added.

With agricultural products, be it swine and poultry or grain crops, the deal offers the prospect for more business, he said. President Trump exclusively told 13abc's Lee Conklin during his January 9 stop in Toledo what the deal would mean for Americans. Canada began its ratifying process on Monday, Jan. 27. "We now have an agreement that will be worth the paper it is printed on". "For example, there's a chapter on cross-border data flow and there's a stronger chapter on intellectual property rights protection, and on environmental issues and labor issues". In the past couple of years, the US has also revised or entered into trade agreements with South Korea, Japan and China, which are all important customers for American pork exports.

Inu Manak, a research fellow at the Cato Institute, agreed that there "are some minor changes, but nothing huge" in the final version of the USMCA.

He said Democrats made the deal better by holding out for labor provisions, which he said aimed at ensuring more auto parts are made domestically.



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