USMCA takes significant step for trade

USMCA takes significant step for trade

USMCA takes significant step for trade

U.S. President Donald Trump said on Saturday he will give formal notice to the U.S. Congress in the near future to terminate the North American Free Trade Agreement (NAFTA), giving six months for lawmakers to approve a new trade deal signed on Friday.

Trump, Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto signed a new trade agreement on Friday known as the United States-Mexico-Canada Agreement (USMCA).

Republicans will lose control of the U.S. House in January but will remain in control of the U.S. Senate. "Without this, he's got little leverage over Congress, and Congress has got detractors on both sides - on the Democrat and the Republican side - who don't really like the deal".

Steps taken by the Trump administration at last week's G-20 summit in Buenos Aires, Argentina, could have significant effects for the trucking and port industries as the president continues to revamp global trade policy for the United States. "I will only support this new deal if we can make it a better deal for Wisconsin farmers, manufacturers, businesses and workers". The US President claimed the update "changes the trade landscape forever".

Trump hailed it as "one of the most important, and largest, Trade Deals in USA and World History" on Twitter shortly after the signing ceremony.

Legislators in Canada and Mexico must still approve the pact. USMCA keeps all those gains and adds improvements in many ag commodities.

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"If they come - which they have - to talk about an extension because of President Bush's passing, I would absolutely consider it and probably give it", he said. While some argue a withdrawal must be approved by Congress, others point to a pattern of historical practice in which presidents have unilaterally withdrawn from treaties "for most of the 20century", said Bradley.

Hailing the deal as "modern and balanced", the president said at the signing ceremony that it has been "well-reviewed" and he doesn't expect to have much problem in Congress.

Nancy Pelosi, the House Democratic leader who is likely to be elected speaker, cast doubt on the likelihood that the deal could be passed without significant new assurances from Mexico that labour standards in the agreement will be strictly enforced.

Numerous nation's largest ports have been reporting record container volume as shippers rushed to get those items into the United States or sent overseas before the higher tariffs took effect. "What isn't in it yet is enough enforcement reassurances regarding workers, provisions that relate to workers and to the environment", she said.

Canada and Mexico in turn retaliated with tariffs against the United States.

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

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