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Washington (AFP) - President Donald Trump on Monday hailed a US trade pact with Canada and Mexico, which replaces the old NAFTA deal, as a historic agreement set to turn North America back into a “manufacturing powerhouse” and fuel US economic expansion.
Governing almost $1.2 trillion in trade, the pact known as the United States-Mexico-Canada Agreement, or USMCA, is “the most important trade deal we’ve ever made by far,” Trump told a White House press conference.
The agreement first announced late Sunday, just before a midnight deadline, ended more than a year of tense negotiations sparked by Trump’s decision to scrap the quarter-century old North American Free Trade Agreement.
Trump’s aggressive tearing up of long-standing US trade deals – with everyone from its two huge neighbors to China and the European Union – has rattled world leaders and sparked fears of economic turmoil.
USMCA is said by analysts to be similar to NAFTA in many respects but there is improved access for US agricultural goods, including the dairy products which Canada in particular had tried to limit.
New rules are designed to improve US auto workers’ competitiveness, with 40 percent of each car required to have been made by people earning at least $16 an hour. The US had also sought increased American content for duty-free autos.
Trump said the new framework will encourage US companies to hire at home, rather than look abroad.
“It will transform North America back into a manufacturing powerhouse,” he said. USMCA will “allow us to reclaim a supply chain that has been off-shored to the world because of unfair trade issues.”
Ultrasurf - Top Stories
Washington (AFP) - President Donald Trump on Monday hailed a US trade pact with Canada and Mexico, which replaces the old NAFTA deal, as a historic agreement set to turn North America back into a “manufacturing powerhouse” and fuel US economic expansion.
Governing almost $1.2 trillion in trade, the pact known as the United States-Mexico-Canada Agreement, or USMCA, is “the most important trade deal we’ve ever made by far,” Trump told a White House press conference.
The agreement first announced late Sunday, just before a midnight deadline, ended more than a year of tense negotiations sparked by Trump’s decision to scrap the quarter-century old North American Free Trade Agreement.
Trump’s aggressive tearing up of long-standing US trade deals – with everyone from its two huge neighbors to China and the European Union – has rattled world leaders and sparked fears of economic turmoil.
USMCA is said by analysts to be similar to NAFTA in many respects but there is improved access for US agricultural goods, including the dairy products which Canada in particular had tried to limit.
New rules are designed to improve US auto workers’ competitiveness, with 40 percent of each car required to have been made by people earning at least $16 an hour. The US had also sought increased American content for duty-free autos.
Trump said the new framework will encourage US companies to hire at home, rather than look abroad.
“It will transform North America back into a manufacturing powerhouse,” he said. USMCA will “allow us to reclaim a supply chain that has been off-shored to the world because of unfair trade issues.”
