Trump Threatens to Kill NAFTA - Again

Donald Trump says he'll terminate Nafta

The National Retail Federation welcomed the signing of the United States-Mexico-Canada Agreement and called for the measure - which would replace the landmark North American Free Trade Agreement - to be approved by Congress next year.

Speaking to reporters aboard Air Force One while returning to Washington from Argentina, Trump said: "I will be formally terminating Nafta shortly".

"We appreciate the administration's continued efforts to modernize our nation's existing trade agreements and help grow USA automotive manufacturing with new agreements like the USMCA", said Matt Blunt, president of the American Automotive Policy Council.

However, U.S. tariffs on steel and aluminum remain in place.

At the same time, Trump's updated North America trade proposal was encountering a rough reception on Capitol Hill, where both parties have deep divisions over trade that will be on full display as a newly Democrat-controlled House takes up the pact along with the Republican-led Senate. Such a scenario "works very well' for the United States", the Times quoted him as saying. "I will only support this new deal if we can make it a better deal for Wisconsin farmers, manufacturers, businesses and workers". The agreement includes a change in Canadian regulations that will allow greater access for US dairy products, eggs and poultry.

Trump hailed it as "one of the most important, and largest, Trade Deals in US and World History" on Twitter shortly after the signing ceremony.

According to the American Farm Bureau Federation, agricultural exports to Canada and Mexico increased from $8.9 billion to $39 billion under NAFTA. Most notably, the USMCA gives tariff-free access to imported US wheat for long-time flour-milling customers in Mexico.

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The president also mentioned that he would hold off for a bit at the request of Congress due to President George H.W. Bush's passing.

Sen. Patrick J. Toomey, R-Pa., a prominent free-trade advocate, said in an interview that he could not support the agreement as drafted because he believes it would diminish trade across the continent. I think everyone, almost everybody, whether they have an R or a D after their name, realizes this is important for the economy and certainly for trucking. "I'm hopeful that it will", Senator Sherrod Brown answered.

The signing of the trade agreement is largely ceremonial as it will need to be ratified by all three countries before it can formally take effect.

"We are waiting to see enforcement provisions relating to workers and the environment", Pelosi said Friday in a statement, describing the deal as a "work in progress".

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

"As now drafted this deal will put Florida seasonal vegetable growers out of business", Rubio wrote.

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