The US, Canada and Mexico have finally reached an agreement on a new trade deal to replace NAFTA. The US and Canada announced Sunday night that they had agreed on the terms for the new trilateral deal, to be called the United States-Mexico-Canada Agreement, or USMCA.
President Trump is due to speak about the new trade deal at a press conference from the White House on Monday at 11AM. You can watch that press conference here.
Trump Called the New Trade Deal ‘Historic’
Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico. The new name will be The United States Mexico Canada Agreement, or USMCA. It is a great deal for all three countries, solves the many……
President Trump took to twitter to praise the new deal on Sunday night. The president had spent months trading barbs with Canada’s Prime Minister Justin Trudeau over the details of the new deal. But on Sunday night, he said he was more than satisfied with the arrangement.
“It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduce Trade Barriers to the U.S. and will bring all three Great Nations closer together in competition with the rest of the world,” Trump wrote. He said USMCA was a “historic transaction.”
Trump had made overturning NAFTA a priority for his administration. He campaigned in part on promises to tear up the old deal, which he said had destroyed American jobs by making it too easy for manufacturers to ship jobs overseas.
Peter Navarro, the White House trade adviser, said on Sunday that this new deal represents a “promise kept” to Americans. He told Fox News, “It’s a promise made, promise kept. NAFTA is dead. We have USMCA.”
The new deal will likely be signed by November 30. After being signed by leaders of the US, Canada, and Mexico, it will need to be approved by the US Congress, as well as by the legislatures of Canada and Mexico.