04 DEC

US, Canada, Mexico sign USMCA

The leaders of the United States, Canada and Mexico on Nov. 30 signed a new trade agreement, a development that President Donald Trump called “a truly groundbreaking achievement.”  The USMCA pact is largely a modernization of the nearly 25-year-old North America Free Trade Agreement (NAFTA).

The signing of the trade agreement is largely ceremonial, because it will still need to be ratified by all three countries before it can formally take effect. It still must be approved by Congress – a potential challenge for Trump because Democrats take control of the House in less than five weeks. Also, a new Mexican president takes over on Dec. 1 who might not honor the tentative deal struck by his predecessor.

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