AIA supports signing of USMCA - United States-Mexico-Canada Agreement

AIA supports signing of USMCA - United States-Mexico-Canada Agreement

No one has been spared in that trade fight - not even Canada and Mexico, the top two buyers of USA goods.

But on Friday, Trump lauded Pena Nieto as a "special man". But most companies are just relieved that it largely preserves the status quo established by NAFTA: a regional trade bloc that allows most products to travel between the United States, Canada and Mexico duty free.

The signing came at the front end of two days of tough diplomacy for Trump.

INSKEEP: So what did you see and hear today?

Andres Manuel Lopez Obrador is to be sworn into office Saturday as Mexico's president. "Donald, it's all the more reason why we need to keep working to remove the tariffs on steel and aluminum between our countries", the Canadian leader said at the ceremony.

Trudeau joined US president Donald Trump and Mexican President Enrique Pena Nieto to formally sign the United States-Mexico-Canada Agreement (USMCA).

Trudeau pressed for a resolution to the tariff spat.

A Canadian official also said that the big advantage of signing onto the agreement now is a side letter on the auto industry, which exempts Canada from potential tariffs on exports of up to 2.6 million vehicles - well above current levels. Trudeau has a majority in Canada's House of Commons but faces an election next October.

We welcome the President's signing of the United States-Mexico-Canada Agreement (USMCA).

At various times this year, administration officials said publicly that the tariffs would be lifted when a new deal was reached to replace the 1994 North American Free Trade Agreement.

Vows to scrap NAFTA and replace it with a better deal also were staples of Trump's campaign rallies across the industrial Midwest in 2016.

The modernized agreement preserves Canada's "preferential" access to the United States and Mexican markets, ensuring that the majority of trilateral trade remains duty-free.

Legislative approval is the next step in the process, but could prove to be a hard task in the United States, especially now that Democrats - instead of Trump's Republicans - will control the House of Representatives come January. Already Democrats and their allies in the labor movement are demanding changes. "We've taken a lot of barbs and a little abuse, but we got there", Trump said of the pact.

Trump is describing USMCA as a landmark trade agreement.

In his remarks Friday, Prime Minister Justin Trudeau stressed the importance of locking down an agreement while he stood with Trump and outgoing Mexican President Enrique Pena Nieto.

"This has been a battle and battles sometimes make great friendships", Trump said. The Mexican government awarded him with the "Order of the Aztec Eagle" for his work on the trade deal. It's the highest honor America's southern neighbor gives to foreigners.

After much anticipation, Canada signed the revamped NAFTA in Buenos Aires on the sidelines of the high-profile G20 summit Friday. But Trudeau refused to call it the "USMCA", calling it instead the new North American Free Trade Agreement. The U.S. and Mexico struck a deal in August, followed by Canada on September 30. Canada has said it will lift its tariffs once the USA lifts its own. His agenda for the weekend includes meetings with world leaders, as well as a number of heavily choreographed group activities for the gathering of leaders of rich and developing nations. Posing for photos in the gilded Salon Blanco, Trump said they would discuss trade, military purchases and other issues.

Macri is hosting the summit as he struggles with problems at home. Mr. Trump says Cohen is a "weak" person who "is lying" to get a lighter sentence.

In a tweet Friday from Argentina, Trump recalled "happily living" his life as a developer before running for president after seeing the "Country going in the wrong direction".

Trump called the USMCA "probably the largest trade deal in history" and said it was "an awesome deal for our farmers".

Trump showed that the Russian Federation investigation was testing his ability to stay focused on summit business after he blasted the investigation in a fresh tweet on Friday, again calling it a "Witch Hunt!" Put up zero money, zero guarantees and didn't do the project.

Despite the symbolism of Friday's signing, Trump has no meetings with Trudeau scheduled while the two are in Argentina.

Trump barreled into the two-day meeting by announcing via Twitter that he was canceling on Putin over Russia's seizure of Ukrainian vessels.

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