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U.S., Canada reach deal to replace NAFTA

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President Donald Trump shakes hands with Canadian Prime Minister Justin Trudeau during a meeting at the White House in Washington, D.C. on October 11, 2017. On Sunday, trade representatives from both countries agreed to a new trade deal to replace the North American Free Trade Agreement. File Photo by Kevin Dietsch/UPI

By Ray Downs, UPI

The United States and Canada reached a deal Sunday night to replace the North American Free Trade Agreement, officials from both countries said.

The deal, which was reached before a midnight deadline set by President Donald Trump, will include an earlier deal reached between the United States and Mexico and be called the "United States-Mexico-Canada Agreement," U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said in a joint statement.

"USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region," Lighthizer and Freeland said. "It will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home. We look forward to further deepening our close economic ties when this new agreement enters into force."

Details of the deal were not released Sunday night, but CNBC reported that it includes necessary updates not covered under NAFTA, such as new provisions on digital trade and intellectual property. And according to the Toronto Star, it removes some tariffs on automobiles manufactured in Canada.

It's a good day for Canada," Canadian Prime Minister Justin Trudeau said late Sunday, according to The New York Times.

Trump, who pushed for a new trade deal to replace NAFTA, is reportedly "on board" with the deal, which is being seen as a crucial policy win for the president heading into the November midterms.

But the deal still needs to be approved by the participating countries' congressional representatives.

It will head to the Mexican congress, where it is expected to be signed into law by current Mexican President Enrique Peña Nieto before his left-leaning successor, Andrés Manuel López Obrador, takes the helm on Dec. 1.

In the United States, the Trump administration wants a vote before the midterms in case Republicans lose the majority, but the vote could be delayed until early next year.

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U.S. - U.S. Daily News: U.S., Canada reach deal to replace NAFTA
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U.S. - U.S. Daily News
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