US Mexico Canada Trade Pact Signed by Leaders of the Three NationsFri, 30 Nov 2018 08:21:33
U.S. President Donald Trump, Canada’s Prime Minister Justin Trudeau and Mexico’s President Enrique Pena Nieto signed a new trade agreement on Friday known as the United States-Mexico-Canada Agreement (USMCA).
Before he signed, Trudeau told Trump the two needed to keep working together to remove tariffs on steel and aluminum.
US Agriculture is generally supportive of the USMCA- the US Trade Represenatives Office released a Fact Sheet on the Agricultural highlights of the trade deal- click here to review the details from an ag perspective.
"This has been a battle, and battles sometimes make great friendships," Trump said at the start of the signing ceremony.
Saying all three countries will benefit from the deal, Trump said of the USMCA, "It is probably the largest trade deal ever made."
The USMCA replaces the North American Free Trade Agreement, which had created a free trade zone between the three countries back in 1994. The deal will require ratification by all three countries' legislatures before taking effect.
Calling the deal "the new North American Free Trade Agreement, Trudeau said it "lifts the risk of serious economic uncertainty that lingers throughout a trade renegotiation process — uncertainty that would have only gotten worse and more damaging if we had not reached a new NAFTA."
There is more work to be done, Trudeau said, calling the recent announcement that General Motors will close plants in Canada and the U.S. "a heavy blow."
Turning to address Trump, said "And Donald, it's all the more reason why we need to keep working to remove the tariffs on steel and aluminum between our countries."
To watch the signing ceremony- click on the PLAY button in the video box below:
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