The United States, Mexico, and Canada reached a tentative agreement to strike a new North American trade deal, and President Donald Trump has given Congress six months to approve the measure.
Talking to press reporters aboard Flying force One on Saturday, Trump stated: "I will certainly be officially ending NAFTA soon".
At a separate event in New York, Finance Minister Bill Morneau said Canada takes seriously comments made by U.S. President Donald Trump about withdrawing from the North American Free Trade Agreement, the older treaty the new United States-Mexico-Canada Agreement (USMCA) is to replace. Sen. Pat Toomey (R-Penn.) has said that he thinks the new deal is a step back from NAFTA, and that before he could support it, it would need to get a "few tweaks that move it in the direction of a more pro-trade agreement". Grassley vowed to usher the deal through Congress, saying it'll benefit the USA economy and bolster agriculture interests in the Midwest.
Indeed, the USMCA is facing resistance from Congressional Democrats who have criticized the strength and enforceability of the new deal's labour and environmental standards.
This would forsake Congress with two choices: accept the United State, Mexico, Canada or probability constituting no deal in place. U.S. Trade Representative Robert Lighthizer, an architect of the deal, is open to changes, but only to a point.
The original NAFTA deal was signed in 1992 by former President George H.W. Bush. The U.S. can tuck some changes into the trade deal's implementing legislation and request that Mexico and Canada go along with it.
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He pointed out that the US-Saudi relationship "has mattered" for 70 years across Republican and Democrat administrations alike. Pompeo also said in the interview that the U.S. will continue to provide military support to the kingdom in the war in Yemen.
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.
"I don't see how they get this ratified by Congress", Toomey said.
NFU President Roger Johnson urged Congress to demand the administration make changes to the deal before ratifying it: "For decades, family farmers and ranchers have taken a backseat to corporate interests in worldwide trade negotiations".
USMCA will govern more than $1tn worth of trade between the countries.
'We (will) get rid of NAFTA, ' he told reporters. "I'm hopeful that it will", Senator Sherrod Brown answered. Ms Pelosi described the deal on Friday as a "work in progress" her members could not yet support.
The leaders of the three countries agreed on a deal in principle to replace NAFTA, which governs more than $1.2 trillion of mutual trade, after acrimonious negotiations concluded on September 30.