TIL Desk/World/New York/ United States President Donald Trump has signed the US-Mexico-Canada Agreement (USMCA) that revamps the trade arrangement between the three neighbours replacing a pact strongly criticised by him. The USMCA signed on Wednesday sets the framework for the annual $1.4 trillion trade between the three neighbours and replaces the 26-year-old North American Free Trade Agreement (NAFTA).
USMCA is the only major legislation that got Trump the backing of Democrats, although the party leaders were shut out of the White House ceremony. The rare example of bipartisan cooperation during Trump”s volatile three years in office, the signing took place while Trump was being tried in the Senate on charges brought by the Democrat-controlled House of Representatives.
Making
trade fair from the US point of view has been one of the cornerstones Trump”s
election manifesto and the USMCA is his second victory following the signing of
the first phase of the China deal this month in the middle of his many trade
wars. Although she disagrees with the president on most issues, Democrat
Speaker Nany Pelosi conceded last month, “There is no question of course
that this trade agreement is much better than NAFTA.” While the Mexican
Senate has also approved it, the agreement has yet to be ratified by Canada and
Prime Minister Justin Trudeau”s minority government is trying to get support
for the pact, which may not get the OK till April.
