Published: Wed, December 05, 2018
Money | By Ethel Goodwin

USMCA takes significant step for trade

USMCA takes significant step for trade

President Donald Trump said Saturday night that he will formally terminate the North American Free Trade Agreement 'shortly'.

"I will be formally terminating NAFTA shortly".

Trump, joined by Canadian Prime Minister Justine Trudeau and outgoing Mexican President Enrique Peña Nieto, signed the United States-Mexico-Canada Agreement during a ceremony before the start of this year's G-20 summit in Buenos Aires, Argentina. Trump signed a new deal here Friday with the president of Mexico and Canada's prime minister, following through on a campaign promise he made to renegotiate the long controversial NAFTA agreement. Kester says the agreement brings the trading relationship with US neighbors into the 21st-century.

The Democrats, who say the USMCA has some shortcomings, take control of the U.S. House of Representatives next month. This new deal - the full extent of which has not been released - will require approval in the next Congress. We thank the Office of the U.S. Trade Representative for all the hard work that went into this accord.

Some Republicans say they, too, are disinclined to support the agreement in its current form. "Just so you understand, when I do that, if for any reason we're unable to make the deal, that's (inaudible) - because Congress, then Congress will have a choice of approving the USMCA, which is a phenomenal deal". I think everyone, almost everybody, whether they have an R or a D after their name, realizes this is important for the economy and certainly for trucking.

The ink wasn't even dry on the signatures on the USMCA trade deal before serious doubts arose about whether the deal would ever be ratified.

"This is good news for American farmers and we now need Congress to follow suit and enact the necessary implementing legislation. I'm hopeful that it will", Senator Sherrod Brown answered.

"It helped us get to where we are", MacNaughton said at a Public Policy Forum dinner in Ottawa.

"Whatever they're calling it now, it has some kind of gobbledygook name - the trade agreement formerly known as Prince", Pelosi remarked Friday, "no, I mean, formerly known as NAFTA - is a work in progress".

"What isn't in it yet are enough enforcement reassurances regarding workers" and the environment, she told a press conference.

Sen. Marco Rubio, R-Fla., said on Twitter that the deal as drafted "will put Florida seasonal vegetable growers out of business" by allowing Mexico to dump subsidized produce into the United States.

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

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