Published: Tue, December 04, 2018
Money | By Ralph Mccoy

Trump to kill old NAFTA to push Congress to approve USMCA

Trump to kill old NAFTA to push Congress to approve USMCA

Trump told reporters the trade rules before NAFTA "work very well".

Nevertheless, Canada isn't assuming ratification will be easy.

"I think they're betting on Congress not letting it all go to hell", she said. "As good as all this news is, farmers and ranchers still face retaliatory tariffs over steel and aluminum disputes with our North American neighbors and other trading partners", Duvall said "We urge the administration to redouble its efforts to come to an agreement on those outstanding issues so we can regain the markets we had not long ago".

"We're not going to celebrate with these tariffs hanging over our heads", MacNaughton said.

The expiration of the United States' participation in this trade deal, according to the President, will happen in a short period of time, although as part of the agreement, countries must give a six month notice prior to their withdrawal. That letter is already in effect, he said.

The leaders of Canada, Mexico and the US signed a revised North American free trade pact Friday on the margins of the G20 summit in Argentina that is set to govern more than $1.2 trillion in regional commerce.

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Only a day after signing a new trade agreement with Mexico and Canada, President Donald Trump said he is now free to cancel NAFTA in a move that will create major problems for global automakers. It's widely seen as a pressure tactic to keep legislators from dawdling.

Trump had forced Canada and Mexico to renegotiate the 24-year-old agreement because he said it encouraged USA companies to move jobs to low-wage Mexico. "While we'll have to watch and ensure we get through this next stage, we have a high level of confidence that's achievable".

But Morneau told a gathering in NY today he had no insight into when that might happen.

Larry Kudlow, Trump's senior economic adviser, said he and Trump hadn't spoken in detail about the president's thinking. Everybody showed up. Trudeau showed up and so forth.

A 2016 congressional research report said there is a debate over whether a president can withdraw from a trade deal without the consent of Congress, and there is no historical precedent for the unilateral withdrawal from an free trade deal by a president that had been approved by Congress.

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