The United States President Donald Trump hailed the new trilateral Trade Deal of the USA with Canada and Mexico, USMCA.
‘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......,’ Trump claimed on Twitter.
‘....deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world. The USMCA is a historic transaction!’ the President added.
‘The deal, announced on Sunday, is a reworking of the 1994 North American Free Trade Agreement, which underpins $1.2 trillion in trade between the three countries. Trump had described NAFTA as a bad deal for Americans and threatened to eliminate it as part of his “America First” agenda,’ Reuters report.
Canada managed to uphold the retention of the key mechanism for settling trade disputes between the parties to the agreement but had to open its milk markets for American farmers. The new document will make car manufacturers’ live difficult, who opened factories in Mexico playing into hand of American car industry.
“USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region,’ politics in the Mexico and Canada claim this notwithstanding that the principal beneficiary of the Trade Deal is the USA.
The conclusion of the new Trade Deal of the USA with Canada and Mexico in the United States is scheduled for November 30, the document has to be endorsed by the Congress first.