"I will be formally terminating NAFTA shortly", Trump told reporters aboard Air Force One on his way home from a G20 summit in Argentina.
Friday, during the G20 Summit in Argentina, President Trump had signed the United States Mexico-Canada Agreement (USMCA) along with Mexican President, Enrique Pena Nieto, and Canadian Prime Minister, Justin Trudeau.
"President Trump campaigned against the major flaws in worldwide trade agreements that the original NAFTA created the framework for, and rightly so". "As part of our agreement the United States will be able to lock in our market access to Canada and Mexico and greatly expand our agricultural exports, something we've been wanting to do for many years". Senate Ag Committee Chair Pat Roberts says the signing marks an important step toward Congress considering the new agreement, which he's looking forward to in the new year. "The deal eliminates Canada's unfair Class 6 and Class 7 milk pricing schemes, opens additional access to USA dairy into Canada, and imposes new disciplines on Canada's supply management system", Perdue said.More news: Pickford error hands Liverpool derby day victory
"This is good news for American farmers and we now need Congress to follow suit and enact the necessary implementing legislation".
The issue could ultimately be decided by the USA courts.
"You've got to do something in the [new trade deal] to show me that American workers are not going to continue being taken advantage of, particularly in the area of wages", said Rep. Bill Pascrell Jr., N.J., the top Democrat on the Ways and Means trade subcommittee.More news: Deontay Wilder vs. Tyson Fury
Trucks move almost $385 billion in goods between the USA and Mexico, and $336 billion in trade between the US and Canada.
What has Congress said about this?
Two other Democratic Senators, Mark Warner of Virginia and Sherrod Brown of OH, fell short of a commitment to back the agreement on Sunday. For some of them, the signing of the new deal, the USMCA, came as a relief because it stopped short of more severe disruptions that Trump had originally sought. He threatened to tear it up and withdraw the United States completely at times during the negotiation, which would have left trade between the three neighbors in disarray. "(The leaders signed it, but the countries" legislatures still must ratify the USMCA trade pact.) The Times said if no deal can be reached in six months, "both versions of the treaty would be void, which would result in far more restrictive trade that could have a severe impact on industry and agriculture in all three nations, economists have warned". Senator Marco Rubio of Florida tweeted on Friday that the deal as drafted would put Florida's seasonal vegetable growers "out of business".More news: Nick Jonas and Priyanka Chopra arrive in Jodhpur for wedding