Donald Trump signs 'truly fair' USMCA deal, says someone had to act

Donald Trump signs 'truly fair' USMCA deal, says someone had to act

"One of the challenges over the past couple of years has been that this instrument that underlines and underpins a $2-billion-a-day trading relationship we have with the United States has been under negotiation, creating a certain sense of instability within our trading community".

He said his concerns about NAFTA-triggered outsourcing had triggered his run for the presidency in 2016. Trump told dozens of Republican lawmakers and delegates from Canada and Mexico on the White House South Lawn.

Economists say that overall NAFTA increased growth and raised the standard of living in North America, binding the three countries in a complex web of trade rules and services.

Proponents of the USMCA said it will rebalance and modernize the North American Free Trade Agreement, which went into effect in 1994.

The U.S. -Mexico-Canada Agreement, or USMCA, updates trade rules for the digital age, boosts domestic auto production and makes it harder for Mexico to undercut American workers with cheap labor.

The Mexican government has already signed off on the deal and with President Trump's John Hancock on Wednesday, it just needs the approval of the Canadian parliament, which is expected to come soon.

Experts say the impact will be modest, given that Canada and Mexico already represent the top two export markets for USA goods.

Democratic presidential candidate Bernie Sanders, a Vermont senator who voted against the pact earlier this month, said the NAFTA replacement deal would not stop the offshoring of U.S.jobs and amounted to "a giveaway to the fossil fuel industry". "I don't want to leave anybody out", Trump said.

As a member of the Ways and Means Committee which oversees trade, as well as the USMCA whip team, I was proud to work with the group that helped advance the trade deal through Congress.

"The White House hasn't invite House Democrats to their USMCA signing ceremony", Pelosi spokesman Henry Connelly said in a statement Tuesday.

"The CUSMA builds on the success of NAFTA by incentivizing the use of North American steel through strengthened rules of origin and enhanced regional value content requirements".

At least 40% of vehicles would also have to originate in places where workers earn at least $16 an hour.

United States legislators said it was unclear when the accord would take effect since Canada's main opposition Conservative Party had expressed concerns about aspects of the deal, and there was no exact timeline for ratification there. "The main thing is what it isn't: It isn't a continuation of uncertainty, and it isn't a major disruption", as Trump's other trade policies have been on business.

The president wasn't wasting any time highlighting the deal in battleground states that will determine who wins this year's presidential election.

Trump wants to talk up a deal that about 4 in 5 Americans have heard little or nothing about. Mexico has already approved the deal.

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