USMCA: Trump Signs New Trade Agreement With Mexico And Canada

USMCA: Trump Signs New Trade Agreement With Mexico And Canada

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".

'It's been so well reviewed I don't anticipate much of a problem, ' he said.

Minister of Foreign Affairs Chrystia Freeland speaks to media on the roof of the Panamericano Hotel in Buenos Aires, Argentina, on November 29, 2018.

The three countries continued to talk out the agreement all the way up to the signing ceremony.

Though the unresolved tariff battle left a cloud over the signing, Friday's scheduled ceremony still represents a signature moment for Trump. He threatened to tear it up and withdraw the US completely at times during the negotiation, which would have left trade between the three neighbors in disarray.

USA tariffs on steel and aluminum remain in place, but a Canadian official said an advantage to signing onto the agreement now is an auto side letter exempting Canada of potential tariffs on exports of up to 2.6 million vehicles - well above current levels.

"As is always the case ... with these agreements, there are always details to be finalized and we are very hard at work doing that", Freeland said in televised remarks.

There is no formal meeting between Trump and Trudeau on either leader's schedule for the Friday and Saturday summit.

There are a few areas still to iron out.

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And dairy remains a sticking point with the influential Canadian dairy lobby urging Trudeau's government not to sign the trade deal as it gives the United States expanded access to Canada's dairy, egg, and poultry markets.

US tariffs on steel and aluminum remain in the agreement, something the three sides have been trying to iron out.

"A vast number of technical details need to be scrubbed and wrapped up", she added.

After promising to renegotiate NAFTA on the campaign trail and during his time in the White House, President Trump has delivered.

"This new deal will be the most modern, up-to-date, and balanced trade agreement in the history of our country, with the most advanced protections for workers ever developed", President Trump released in a statement.

Mr Trudeau added that "the benefits of free trade must be broadly and fairly shared", before criticising United States tariffs on steel and aluminium.

The deal emerged in early October, months after Trump hit Mexico and Canada with tariffs on their steel and aluminum products - a move set off retaliatory tariffs and negotiations to create a new trade pact.

Trudeau described last week's factory cuts by General Motors as a "heavy blow". 'The Prime Minister also reinforced the importance of both countries lifting the tariffs on steel and aluminum'.

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