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December 2018
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Tuesday, 02 October 2018 13:00

Canada, Mexico and USA reach a deal

Canada, Mexico and USA reach a deal

US President Donald Trump has negotiated a new United States–Mexico–Canada Agreement (USMCA), which will benefit American workers and businesses, Caspian Energy News (www.caspianenergy.net) reports with reference to the press statement of the White House.

 “USMCA is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA (North American Free Trade Agreement), greatly opens markets to our farmers and manufacturers, reduces trade barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world”, Trump said.

Investors breathed a sigh of relief that the key pillars of NAFTA had survived his hardball strategy to reshape global commerce, Reuters said.

According to Reuters, Washington and Ottawa reached an agreement on Sunday after weeks of tense bilateral talks to update the 1994 North American Free Trade Agreement. The United States had forged a separate trade deal with Mexico, the third member of NAFTA, in August. The new agreement is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export customer.

 “These measures will support many - hundreds of thousands - American jobs,” Trump said at the White House, describing the trade deal as “the most important” the United States had ever made.

Trump had repeatedly called NAFTA a terrible deal for the United States.

More details:

https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-secures-modern-rebalanced-trade-agreement-canada-mexico/

https://www.reuters.com/article/us-trade-nafta/trump-hails-historic-canada-mexico-trade-pact-idUSKCN1MB28G

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