Published: Wed, December 05, 2018
Money | By Bruce West

NRF Welcomes Signing of NAFTA Update, Urges Approval by Congress

NRF Welcomes Signing of NAFTA Update, Urges Approval by Congress

Canadian Prime Minister Justin Trudeau, U.S. President Donald Trump and Mexican President Enrique Pena Nieto signed the updated version of the North American Free Trade Agreement (NAFTA).

"I will be formally terminating NAFTA shortly", the president said of the trilateral agreement he and his supporters have long loved to hate.

Canada, the United States and Mexico on Friday formally signed the U.S. -Mexico-Canada Agreement (USMCA) on the sidelines of the G20 summit in Buenos Aires, according to the Canadian television network CTV.

The Montana Farm Bureau applauds today's signing of the United States-Mexico-Canada (USMCA) Trade Agreement.

President Trump is again threatening a pullout of the North American Free Trade Agreement (NAFTA), setting up a congressional showdown with the incoming Democrat-led House of Representatives.

Senator Elizabeth Warren, a Democrat from MA, speaks at American University in Washington, D.C., U.S., on Thursday, Nov. 29, 2018. This new deal - the full extent of which has not been released - will require approval in the next Congress. U.S. Trade Representative Robert Lighthizer, an architect of the deal, is open to changes, but only to a point.

Trucks move almost $385 billion in goods between the US and Mexico, and $336 billion in trade between the USA and Canada.

"As it stands, this agreement has not earned the support of America's working families", he said in a statement. "It's NAFTA 2.0", Warren told a luncheon audience last week during a foreign policy speech in Washington.

"I think we will get the support of a lot of Democrats, a very high number of Democrats, absolutely - I have no doubt about it", Lighthizer said.

Trump had to submit the text of the agreement to Congress by Friday to set up a slim chance of passing implementation legislation for the deal before January, when Democrats will assume the House majority. "The president needs to talk to Congress on this", the Ohio Democrat told CNN on Sunday.

Two other Democratic Senators, Mark Warner of Virginia and Sherrod Brown of OH, fell short of a commitment to back the agreement on Sunday.

Democratic leader Nancy Pelosi, of California, said she is not yet ready to judge the new trade deal but was dismissive of it. Ms Pelosi described the deal on Friday as a "work in progress" her members could not yet support.

He stated legislators can select in between the United States-Mexico-Canada Arrangement or " pre-NAFTA, which functions extremely well".

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