WASHINGTON, D.C. (NBCNC) – In the White House rose garden, President Trump announced NAFTA is being replaced by a new trade deal with Canada and Mexico.
President Donald Trump said, “This landmark agreement will send cash and jobs pouring into the United States and into North America”
The agreement, which came together just before a midnight deadline Sunday has a new name: NAFTA is replaced by “USMCA”, for US- Mexico-Canada Agreement
Expected winners include the auto industry with more cars, trucks and parts made within our borders and farmers who will be able to send more products north of the border.
President Trump said, “The deal includes a substantial increase in our farmer’s opportunities to export American wheat, poultry, eggs, dairy— including milk, butter, cheese, yogurt and ice cream.”
But for the steel industry, 25% tariffs remain in place while talks continue. “Without tariffs,” President Trump Explained, “we wouldn’t be talking about a deal. Just for those babies out there who keep talking about tariffs.
But trade experts say the agreement sounds awfully familiar. Matthew Gold is an international trade law professor at Fordham University. He said, “ This is the old NAFTA with a large number of small improvements most of which were taken from the Trans-Pacific Partnership, or TPP, an agreement that President Obama negotiated that President Trump withdrew from.
To the president, it’s a campaign promise kept: “Not NAFTA redone, it’s a new deal.” And he predicts his get-tough approach will also work with China and the European Union.
The president plans to sign the deal by December and send it on to Congress for approval.
The stock market rocketed higher on word of the deal.
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