President Trump on Monday announced a trade deal with Canada and Mexico, saying the updated agreement would ensure fair treatment for American workers and the manufacturing industry.
The deal, called the United States-Mexico-Canada Agreement (USMCA) is an update to the North American Free Trade Agreement (NAFTA), which Trump called the "worst trade deal ever made." The new name "has a good ring to it," Trump celebrated. "It sort of, just, works."
He said that dairy products will now be traded tariff-free with Canada, and that 40 percent of car manufacturing must now be done by "high-wage workers." He said that yogurt, milk, and ice cream were "not really being treated fairly," as some of the only products that were subject to tariffs from Canada. After butting heads with Canadian Prime Minister Justin Trudeau for several months, Trump said that tensions had come to an end through negotiation. "The only problem with Justin is he loves his people, and he's fighting hard for his people," he said.
Trump asserted that it is a "privilege" for other countries to trade with the U.S., and that the USMCA will reflect that in requiring Canada and Mexico to "treat us fairly." He called the new agreement "the most important trade deal we've ever made, by far." Watch Trump's full remarks below, via Time. Summer Meza
The United States and Canada, with only hours to spare, reached a deal that keeps Canada part of the North American Free Trade Agreement (NAFTA) with the U.S. and Mexico.
Negotiations lasted throughout the weekend, as the White House had imposed a deadline of midnight Sunday. U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the accord, which will be renamed the United States-Mexico-Canada Agreement (USMCA), will result in "freer markets, fairer trade, and robust economic growth in our region," strengthening the middle class and creating "good, well-paying jobs and new opportunities for the nearly half billion people who call North America home."
The agreement gives the United States more access to the Canadian dairy market and safeguards Canada should the Trump administration impose tariffs on automobiles. Negotiators from Canada, Mexico, and the U.S. started talking about revamping NAFTA more than a year ago, and in August, the U.S. and Mexico reached a bilateral deal. Trump administration officials told CBS News the countries are all expected to sign the new agreement on Nov. 30, and it will then be sent to Congress, with a vote expected in 2019. Catherine Garcia