Today November 30th, US President Donald Trump, Mexican president Enrique Peña Nieto (on his last day of his presidency) and Canadian prime minister Justin Trudeau, inked the USMCA trade deal in Buenos Aires Friday, using the backdrop of the G-20 Summit to resolve a trade dispute between America and its closest neighbors.
The signing of the agreement is merely ceremonial, as the deal needs to be ratified by the countries’ legislatures. Analysts believe it risks unravelling after the new US Congress takes over and following the inauguration of Mexican president, Andrés Manuel López Obrador
The USMCA replaces the North American Free Trade Agreement, which had created a free trade zone between the three countries back in 1994.
The USMCA deal emerged in early October, months after President Trump hit Mexico and Canada with tariffs on their steel and aluminum products.
That move set off retaliatory tariffs and intense negotiations to create a new trade pact.
There is more work to be done, like keep working to remove the tariffs on steel and aluminum between our countries, provisions for e-commerce and informational technology among others.
USMCA is here, NAFTA is out
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