U.S., Canada, Mexico sign trade deal after last-minute brinkmanship

U.S., Canada, Mexico sign trade deal after last-minute brinkmanship

The step comes after the United States, Mexico and Canada agreed in late September on establishing a new trade deal, the US-Mexico-Canada Agreement (USMCA), which is set to replace the North American Free Trade Agreement (NAFTA), established in 1994.

"We've known each other a long while", Trump said, noting he worked with Macri's father on real estate developments.

Massachusetts Sen. Elizabeth Warren, a likely 2020 presidential candidate, said she will oppose the new deal, saying it won't stop the "serious and ongoing harm NAFTA causes for American workers".

At the beginning of his remarks, Trump also acknowledged the process to negotiate the United States-Mexico-Canada agreement has been "a battle".

"Uncertainty that would only have got worse if we had not reached a new NAFTA".

He called the signing a "very historic occasion" and noted the trade deal was one that would be the 'envy of nations all around the world'. -With the signing of this agreement, President Trump has delivered on his promise to renegotiate NAFTA and protect American farmers, ranchers, businesses, and workers.

On Friday, Trump opened the day with a cordial meeting at the Casa Rosada with Argentine President Mauricio Macri, a longtime business acquaintance.

President Donald Trump Canada’s Prime Minister Justin Trudeau right and Mexico’s President Enrique Pena Neto left participate in the USMCA signing ceremony Friday Nov. 30 2018 in Buenos Aires Argentina

Also inking the USMCA were Canadian Prime Minister Justin Trudeau and Mexican President Enrique Peña Nieto, who signed it on his last day in office. Each country's legislature must also approve the agreement.

One of the biggest grievances in talks between the US and China as a trade war between the world's two largest economies continues, the USMCA aims to protect intellectual property by requiring Canada and Mexico to treat USA copyrights with the same protections as their domestic ones.

"The fact that this is an agreement in three languages adds to the level of technical complexity and it is on that level that we are just being sure that all the Is are dotted and all the Ts are crossed", Freeland said Thursday afternoon, speaking on a hotel patio in Buenos Aires.

Mexico's President Enrique Pena Nieto, who awarded Jared Kushner, Trump's son-in-law and adviser, with Mexico's highest order for foreigners, was warmer.

Politicians from each country will still need to ratify the USMCA before it can take effect.

Canadian Prime Minister Justin Trudeau still had a few barbs of his own on Friday. 'The two leaders discussed their disappointment in the announced closures of General Motors plants in their respective countries and their plans for the upcoming G20 Summit'. "The existing text ... grants the USA oversight into the administration of our Canadian dairy system, which undermines Canadian sovereignty and ability to manage Canadian dairy without US intervention".

The deal - 32 chapters, 11 annexes and 12 side letters - sets new rules for the auto sector, including a higher threshold for North American content and rules requiring 40 per cent of vehicle parts be made by workers paid at least $16 an hour.

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