Wednesday, 21 Nov 2018

United States-Mexico-Canada Agreement

Another Trump Win

President Donald Trump on Monday hailed the 11th-hour trade deal struck between the United States, Mexico and Canada to replace the quarter-century old NAFTA accord, calling it the biggest in US history.

Known as the United States-Mexico-Canada Agreement (USMCA), the deal agreed ahead of a midnight deadline Sunday will replace the North American Free Trade Agreement, which Trump had denounced as a “disaster.”

“The agreement will govern nearly 1.2 trillion (dollars) in trade, which makes it the biggest trade deal in the United States history,” Trump told a news conference in the White House Rose Garden.

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Calling the new accord “truly historic news for our nation — and indeed, for the world,” the US leader said he hoped to sign it by the end of November, along with Canada’s Justin Trudeau and the outgoing Mexican leader Enrique Pena Nieto, who leaves office on December 1.

Trump acknowledged that tensions had spiked with the Canadian premier over the fraught negotiations — but insisted there was no bad blood between them.

President Trump celebrated the proposed revised North American trade deal with Canada and Mexico as a return of the United States to a “manufacturing powerhouse,” vowing to sign the agreement by late November.

But the president noted that the deal would need to be ratified by Congress, a step that could be complicated by the outcome of the fall congressional elections. When told he seemed confident of congressional approval, he said he was “not at all confident” but felt ratification would be granted if lawmakers took the correct action.

“Anything you submit to Congress is trouble no matter what,” Trump said, predicting that Democrats would say, “Trump likes it so we’re not going to approve it.”

Trump embraced the U.S.-Mexico-Canada Agreement during a Rose Garden ceremony, branding the pact the “USMCA.” The president said the name has a “good ring to it,” repeating U-S-M-C-A several times.The agreement was forged just before a midnight deadline imposed by the U.S. to include Canada in a deal reached with Mexico late in the summer. It replaces the 24-year-old North American Free Trade Agreement, which Trump has lambasted as a job-wrecking disaster that has hollowed out the nation’s industrialized base.

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