Trump Officially Signs USMCA to Replace NAFTA

President Donald Trump signed on Wednesday a new North American trade agreement at a White House ceremony attended by about 400 guests.

The ceremony was attended by Republican Senators, legislators from across the country including workers, farmers, senior executives, and officials from Mexico and Canada.

The US-Mexico-Canada Agreement (USMCA) will replace the 26-year North American Free Trade Agreement (NAFTA), including the most stringent rules on business and automotive content, leaving $ 1.2 trillion in annual trade flows between the US, Mexico and Canada largely unchanged. .

"Today, we're finally ending the nightmare of NAFTA and signing the new US, Mexico and Canada law," Trump told the attendees, adding the agreement would boost US economic growth, benefiting farmers, workers and manufacturers.

He pointed out that his concerns about outsourcing under NAFTA led to his candidacy for the presidency in 2016.

A wide range of businesses welcomed the agreement. Mexico has already approved the deal but, it remains to be ratified by the Canadian Parliament before it comes into effect.

[caption id="attachment_106852" align="aligncenter" width="1920"] Trump signs the United States-Mexico-Canada Trade Agreement (USMCA)[/caption]

The influential United Autoworkers said the new deal would not return hundreds of thousands of lost U.S. manufacturing jobs to Mexico, yet, it pledged to be aggressive in pushing for the terms of the agreement.

Democratic presidential candidate Bernie Sanders, who voted against the agreement earlier this month, said the NAFTA replacement deal would not stop the transfer of US jobs abroad, and would be 'a gift to the fossil fuel industry', vowing to renegotiate the agreement if elected.

Speaking in Ottawa, Canadian Prime Minister Justin Trudeau said that the minority government will continue to answer questions from various industries and other groups.

[caption id="attachment_106853" align="alignnone" width="800"] Trump speaks during a signing ceremony for the United States-Mexico-Canada Trade Agreement (USMCA)[/caption]

"We have questions and we have a certification process. I look forward to obtaining it, and reaching it in a responsible and fast manner, because it is very important for the Canadians," Trudeau said.