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Monday, October 1, 2018

The Art Of The Deal: US, Mexico, Canada Agree On New Trade Pact To Replace NAFTA [Video]

The U.S. and Canada have reportedly concluded a trade deal... that could potentially preserve the North American Free Trade Agreement or NAFTA... as a trilateral bloc with Mexico.

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According to multiple U.S. media outlets including the Washington Post... the new deal is to include substantial changes to rules governing the auto industry.

Canada had insisted on formal protection from the national security tariffs the Trump administration had threatened to impose on imported steel and aluminum... that could be extended to Canadian-made automobiles.

The U.S. had insisted on more access to Canada's dairy market. The nearly 25-year-old NAFTA deal governs more than one-trillion U.S. dollars in annual trade between the three countries.

According to Aljazeera, Negotiators from Canada and the United States went down to the wire but were able to reach an agreement on a new free trade pact that will include Mexico, the governments announced late on Sunday night.

The United States-Mexico-Canada Agreement (USMCA) updates and replaces the nearly 25-year-old North American Free Trade Agreement (NAFTA), which US President Donald Trump had labelled a disaster and promised to cancel.

The rewrite "will result in freer markets, fairer trade and robust economic growth in our region," according to a joint statement from US Trade Representative Robert Lighthizer and Canada's Foreign Affairs Minister Chrystia Freeland.