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19th January 2020
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Breaking:US, Mexico and Canada sign new pact to replace NAFTA

Breaking:US, Mexico and Canada sign new pact to replace NAFTA
Breaking:US, Mexico and Canada sign new pact to replace NAFTA

President Donald Trump seems to have finally taken that giant step forward in altering the alleged trade imbalance he has cried of amongst her trade partners in America, as he entered into a new Economic pact with Mexico and Canada to replace the North American Free Trade Agreement (NAFTA) which the United States has criticized since Trump came into power as President.

The NAFTA document which Trump said was bad for his country, will now be history after the countries signed some renewed agreement, with Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto all coming together on the sideline of the G20 Summit to reach an agreement, which Trump seems to like.

Taking to his social media, as usual, President Trump after the agreement, put out this tweet:

“Just signed one of the most important, and largest, Trade Deals in the U.S. and World History. The United States, Mexico and Canada worked so well together in crafting this great document. The terrible NAFTA will soon be gone. The USMCA will be fantastic for all!

“We have worked on this agreement long and hard, and we have taken a lot of barbs and a little abuse and we have gotten there and it’s great for our countries.”

…Trump who finally had is wished on the NAFTA, said “Battles sometimes make great friendships” this was after he said it was a battle getting to the stage where they all get to reach an agreement.
President Trump confirmed that the deal United States-Mexico-Canada Agreement (USMCA) has now been signed…

Although the deal has been signed and Trump happy, but Canada does not seem too happy, as they feel the agreements still does not guarantee a free trade, given all the tariffs. These countries have used tariffs to fight dirty when it comes to the so called Free Trade, but Trump feels this is better for everyone involved, especially the United States who have complained about the old agreements.

The new pact will provide more benefits to the U.S., especially with new rules governing auto production. The USMCA requires a greater portion of cars—75%, up from 62.5% under Nafta—be made in North America to qualify for tariff-free trade.

The new deal also requires that 40% to 45% of automotive content be made by workers earning at least $16 per hour, a new provision aimed at shifting production from Mexico back to the U.S. and Canada. U.S. officials say Mexican pledges in the deal to boost the power of its labor unions will have a similar effect.

According to report, the new economic pact will provide more benefits to the U.S., especially with new rules governing auto production. The USMCA requires a greater portion of cars—75%, up from 62.5% under Nafta—be made in North America to qualify for tariff-free trade.

The new deal also requires that 40% to 45% of automotive content be made by workers earning at least $16 per hour, a new provision aimed at shifting production from Mexico back to the U.S. and Canada. U.S. officials say Mexican pledges in the deal to boost the power of its labor unions will have a similar effect.

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