Canada, US, Mexico to sign USMCA trade deal Friday morning

US President Donald Trump and Canadian Prime Minister Justin Trudeau sign a new free trade agreement in Buenos Aires

Trump had forced Canada and Mexico to renegotiate the 24-year-old agreement because he said the existing pact encouraged USA companies to move jobs to low-wage Mexico.

It will be a while, however, before the agreement can take effect as lawmakers from all three countries must approve the USCMA.

The facts: That may be too optimistic a read on the chances for congressional ratification of the deal.

The three nations had a bitter, year-long fight over the trade pact before reaching an 11th-hour deal in October, right as the deadline hit.

"It really is an incredible way to end a presidency", Trump said.

The accord - called the United States-Mexico-Canada Agreement (USMCA) - requires 75 percent of auto content to be made in the NAFTA region, up from the current level of 62.5 percent, a move that would make it hard for automakers to use parts produced outside the three countries.

QPAGOS CEO Gaston Pereira on the Trump administration's USMCA deal with Canada and Mexico and the migrant caravan.

The three leaders agreed on a deal in principle to govern the more than trillion dollars of mutual trade after a year and a half of acrimonious negotiations concluded with a late-night bargain just an hour before a deadline on September 30.

November 30's signing potentially ends a big source of irritation for the United States administration as it pivots to a much bigger trade fight with China that threatens the global economy.

Trump has continued to accept the crown prince's claims of innocence, just as he has accepted Putin's insistence that he did not interfere in the 2016 election - despite, in each case, US intelligence agencies' conclusions to the contrary.




Outgoing Mexican President Enrique Pena Nieto is attending the G20 meeting.

The new trade pact was precipitated by Trump's decision to get rid of the original NAFTA, which he's called the "worst trade deal" ever signed.

Already there are calls for changes from the U.S. Congress, while Lopez Obrador's Morena party, which holds a majority in Mexico's Senate, may also seek revisions.

Maine's dairy industry could benefit from more market access in Canada, even though it will not be shipping milk across the border directly, said Julie Marie Bickford, from the Maine Dairy Industry Association. In the US, as Politico notes, that could mean "months of fierce debate between the Trump administration and Congress". "I look forward to working with members of Congress", he said.

Still, Trump projected confidence, saying: "It's been so well reviewed I don't expect to have very much of a problem". Trudeau, however, was much more blunt, calling the GM job losses a "heavy blow".

But Philip Levy, senior fellow at the Chicago Council on Global Affairs and a trade official in Republican President George W. Bush's White House, says: "President Trump has seriously overhyped this agreement".

With the signing, "the whole region becomes a good basis to invest in the vehicle industry", Jesus Seade, the NAFTA negotiator for Lopez Obrador, said in an interview with Bloomberg Television on Thursday night.

Democrats have signaled they won't support the deal without additional protections for workers, though it calls for more safeguards than the agreement it would replace. There will have to be more investment by Toyota, Honda, Mercedes, and the Germans and Koreans. "Family farm groups in all three countries insisted on new rules to rebuild rural economies and food systems". These two countries are top customers for Nebraska, and are critical markets for growing trade opportunities. "For us to take advantage of that, obviously we can't have tariffs".

Trump also repeated vows to kill NAFTA and replace it with a better deal during his campaign rallies across the industrial Midwest in 2016.

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