Negotiators from the United States and Canada announced a new North American trade agreement over the weekend; officially ending NAFTA and unveiling the United States-Mexico-Canada Agreement -better known as the USMCA.
Officials from both countries released a statement Sunday evening ahead of the self-imposed midnight deadline; saying the new free trade agreement will benefit “workers, farmers, ranchers, and businesses” on all sides of the border.
“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,” the joint statement said. “It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home.”
Congratulations to Mexico and Canada!
— Donald J. Trump (@realDonaldTrump) October 1, 2018
The President weighed-in on the international trade deal Monday morning; saying “Congratulations to Mexico and Canada!”
IT’S A DEAL: US, Canada Strike Last-Minute NAFTA Agreement
The United States and Mexico reached a last-minute NAFTA deal this weekend; agreeing to new terms that updates the trilateral international trade agreement between the North American countries.
According to Bloomberg, negotiators from the US and Canada struck the deal to reach a self-imposed deadline of Sunday evening that allows the countries to remain inside the free trade bloc; ending weeks of speculation on whether Canada would agree to the Trump administration’s new demands.
“Reaching a pact with Canada allows the 24-year-old pact to remain trilateral and for the U.S. to check another box for its legislative process in the lead up to a congressional vote,” writes Bloomberg.
Key points of contention for the White House included increased access for American businesses into Canada’s dairy industry, as well as streamlined regulations regarding US automobile manufacturers.
Read the full report at Bloomberg.
IT’S OVER: Trump ‘TERMINATES’ NAFTA, Unveils New ‘US-Mexico Trade Agreement’
President Trump unveiled his plan to scrap the North American Free Trade Agreement Monday; announcing a new US-Mexico Trade Agreement hailed as “one of the largest trade deals ever made.”
The Commander-in-Chief addressed the American people from the Oval Office Monday afternoon; thanking senior negotiators from both nations for drastically overhauling the 24-year-old agreement the President routinely slammed as “one of the worst deals ever made.”
“I’ll be terminating the existing deal and going into this deal,” the president said in the Oval Office, calling it a “big day for trade.”
“We are starting negotiations with Canada pretty much immediately,” Trump said.
“They used to call it NAFTA, we are going to call it the United States-Mexico Trade Agreement, and we will get rid of the name NAFTA,” Trump said. “It has a bad connotation because the United States was hurt very badly by NAFTA.”
Read the full report at Fox News.