U.S. President Donald Trump has hailed his revamped North American trade deal with Canada and Mexico,.... saying it will help boost the U.S. economy.
The agreement brings him one step closer to fulfilling one of Trump's key campaign pledges.
Ro Aram reports.
The fate of a new trilateral trade agreement was all down to an agreement between the U.S. and Canada.
The U.S. and Mexico had already reached a deal and was waiting on Ottawa to join.
Trump had threatened to switch to bilateral trade deals with Mexico and Canada, but a last-ditch agreement on Sunday between Washington and Ottawa managed to keep a trilateral deal.
That new trade pact has been named the U.S.-Mexico-Canada agreement, or USMCA, which President Trump says is the biggest in American history.
"The agreement will govern nearly one point two trillion in trade which makes it the biggest trade deal in the United States history…."
He also attributed the successful renegotiation to his hard-nosed negotiating tactics and his willingness to impose new tariffs.
"….. Without tariffs you wouldn't be we wouldn't be standing here I can tell you Bob and all of these folks would not be standing here right now and we're totally prepared to do that if they don't negotiate."
Although the USMCA avoids tariffs, it will make it harder for global auto makers to build cars cheaply in Mexico and is aimed at bringing more jobs into the United States.
The pact also gives the U.S. greater access to Canada's dairy market.
However, the deal still needs to be ratified in Congress, which President Trump noted could be a challenge.
The outcome of next month's mid-term elections could affect how Democrats vote for the USMCA as they seek to regain majorities in the House and Senate.
Ro Aram, Arirang News.
