Canada signs USMCA on sidelines of high-stakes G20 summit

Canada on track for Friday signing of USMCA once details finalized: Freeland

The United States-Mexico-Canada Agreement (USMCA) was signed as a replacement to NAFTA on Friday at the G20 summit in Buenos Aires, Argentina, but there still seems to be some confusion over what to call it.

Canada will put pen to paper on its new trade pact with the US and Mexico on Friday, even though officials were still combing through the fine print Thursday.

The USMCA replaces NAFTA, a pact Trump roundly criticized during his 2016 presidential campaign, terming it the worst trade deal in history and blaming it for the loss of American manufacturing jobs since it went into effect in 1994.

Trump acknowledged that Friday was Pena Nieto's last day in office and congratulated him on the achievement of signing on to the deal.

Canadian Prime Minister Justin Trudeau was less effusive about the renegotiated pact, but said the USMCA would resolve the threat of "serious economic uncertainty" that "would have gotten more damaging".

During the final week of talks, Trump punctuated the tensions during a freewheeling news conference on the margins of the United Nations General Assembly: "We don't like their representative very much", he said, an apparent reference to Freeland. "Donald, it's all the more reason why we need to keep working to remove the tariffs on steel and aluminum between our countries".

Last year, Rubio said any new trade agreement should increase "oversight and enforcement" of illegal trade practices and that Mexico should have to raise its minimum labor and environmental standards to "limit excessive and unfair production cost advantages" over US farmers. But they also cited steel and aluminum tariffs as a lingering problem.

"It really is an incredible way to end a presidency", Trump said. "We have challenged and are continuing our legal challenges".

While Trump hailed the revised trade pact, Trudeau was more measured and used the event to call on Trump to remove the steel and aluminium tariffs the US slapped on Canada and Mexico. But the USMCA includes side letters that agree to exempt Mexico and Canada up to a threshold of 2.6 million vehicles a year, as well as an unspecified amount of light trucks, and tens of billions of dollars in auto parts.

Trump expressed optimism about getting the deal blessed by US lawmakers.

Mr. Trump said their encounter at the G-20 summit in Argentina was brief. Each country's legislature must also approve the agreement.

"Make no mistake, we will stand up for our workers and fight for their families and their communities", he said, before addressing Trump directly.

"Our nations have also agreed to innovate new measures to ensure fair competition and promote high wages and higher wages for U.S. and North American workers, the. workers are tremendous beneficiary". Democratic Senator Elizabeth Warren said she would vote against the pact unless it is reopened to toughen labour and environmental standards, and does more to stop USA companies from moving to Mexico.

"As it's now written, Trump's deal won't stop the serious and ongoing harm NAFTA causes for American workers". That initially brought rebukes from both countries and the Trump administration imposed tariffs on Canada and Mexico. Canada has said it will lift its tariffs once the US lifts its own.

ME exported $1.2 billion worth of products to Canada in 2017, 45 percent of its entire exports, according to the trade center. The U.S. and Mexico struck a deal in August, followed by Canada on September 30.

"It changes things for places creating a lot of digital content or that have a large auto industry", said Wade Merritt, president of the Maine International Trade Center.

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