DarylLawsonLive.com
Donald Trump hails Canada, Mexico trade pact as a 'great deal' for all sides
https://business.financialpost.com/news/economy/update-2-trump-canada-mexico-trade-pact-great-deal-for-all-sides
President Donald Trump hailed Canada on Monday after the two countries forged a last-minute deal to salvage their trilateral NAFTA accord with Mexico, marking a key victory in the U.S. leader’s effort to shake up global trade.
The deal, announced on Sunday, is a reworking of the 1994 North American Free Trade Agreement, which underpins US$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.
The new United States-Mexico-Canada Agreement (USMCA) is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner.
While changing NAFTA and bringing down U.S. trade deficits was a top Trump campaign pledge, Sunday’s agreement largely leaves the broad deal intact and maintains current supply chains that would have been fractured under weaker bilateral deals.
Trump, who said he would hold a news conference at 11 a.m. EDT (1500 GMT) on Monday, on Twitter called the U.S. agreement with its neighbour to the north “wonderful” and “a historic transaction.”
“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.
Canadian Prime Minister Justin Trudeau on Sunday called it “a good day for Canada” after negotiators worked frantically ahead of the U.S.-imposed midnight deadline. He is scheduled to speak to reporters at noon EDT (1600 GMT).
The pact preserved a key trade dispute settlement mechanism sought by Canada ..
