Too funny… this is what we would call a win/win. President Trump delivering remarks to the media aboard Air Force One on the flight back to the U.S.
(Via Associated Press) President Donald Trump says he will shortly be providing formal notice to Congress that he will terminate the North American Free Trade Agreement, giving lawmakers six months to approve the replacement he recently signed.
Speaking to reporters aboard Air Force One while returning to Washington from Argentina, Trump says: “I will be formally terminating NAFTA shortly.”
Seeking to gain leverage with skeptical lawmakers to approve the revised trade pact, Trump says Congress “will have a choice” as it considers the agreement he signed with the leaders of Mexico and Canada on Friday during the Group of 20 summit.
He says they can choose between the United States-Mexico-Canada Agreement or “pre-NAFTA, which works very well.”
Trump has made renegotiating NAFTA a centerpiece of his presidency. (link)
The USMCA is structurally more beneficial to the U.S. and Mexico than Canada.
Factually, it was the U.S. and Mexico who wrote the agreement, and Canada joined in only to mitigate their losses after the majority growth architecture was constructed. There is almost nothing inside the USMCA agreement which structurally expands the Canadian economy; it is a very weird trade-dynamic.
It was the exploitative nature of the NAFTA construct that benefited Canada and Mexico to the detriment of the United States. As a result, President Trump is OK with the final USMCA result which removes the majority of the parasitic benefits; and he is ok with no USMCA and no NAFTA, and a return to pre-NAFTA trade structures.
Like NAFTA the USMCA is a “trade agreement”, with various opt-out initiatives for any party; it is not a trade “treaty” – and therefore only requires a simple majority vote.
President Trump and USTR Lighthizer really have created a Win/Win.
…”He says [congress] can choose between the United States-Mexico-Canada Agreement or “pre-NAFTA, which works very well.””..
Damnedest thing ever.
You could hope it passes; or hope it fails – the end result is similar.
“The President of the United States, Donald J. Trump, and President Xi Jinping of China, have just concluded what both have said was a “highly successful meeting” between themselves and their most senior representatives in Buenos Aires, Argentina.
Very importantly, President Xi, in a wonderful humanitarian gesture, has agreed to designate Fentanyl as a Controlled Substance, meaning that people selling Fentanyl to the United States will be subject to China’s maximum penalty under the law.
On Trade, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time. China will agree to purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries. China has agreed to start purchasing agricultural product from our farmers immediately.
President Trump and President Xi have agreed to immediately begin negotiations on structural changes with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft, services and agriculture. Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10% tariffs will be raised to 25%.
It was also agreed that great progress has been made with respect to North Korea and that President Trump, together with President Xi, will strive, along with Chairman Kim Jong Un, to see a nuclear free Korean Peninsula. President Trump expressed his friendship and respect for Chairman Kim.
President Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him.
President Trump stated:
“This was an amazing and productive meeting with unlimited possibilities for both the United States and China. It is my great honor to be working with President Xi.” (Link)
The U.S. delegation headed by President Trump and the Chinese delegation headed by Chairman Xi Jinping attended a much anticipated bilateral dinner at the conclusion of the G20 summit in Argentina. The dinner lasted for two and a half hours:
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Immediately following the dinner the U.S. delegation went straight to Airforce-One for the flight home.
(Reuters) […] With the United States and China locked in an economic dispute that has unnerved global financial markets and weighed on the world economy, Trump and Xi sat down with their aides for a working dinner at the conclusion of a two-day gathering of world leaders in Buenos Aires.
Trump told Xi at the start of the meeting he hoped they would achieve “something great” on trade for both countries. The leaders finished their talks after about 2-1/2 hours and Trump departed for his scheduled flight back to Washington.
While neither side issued any immediate statements on the outcome, White House chief economist Larry Kudlow told reporters as he boarded Air Force One that the talks went “very well.” He offered no specifics.
The editor of a major Chinese state-run newspaper also said the talks went well.
“Based on information I received, talks between Xi and Trump went well and consensus was reached,” Hu Xijin, the editor of the Global Times, published by the ruling Communist Party’s official People’s Daily, wrote on Twitter, without giving details. (Read More)
It is likely the tariffs will continue until reciprocity improves.
The Big Club will go bananas next week.
There is no doubt in my mind that President Trump has a very well thought out long-term strategy regarding China. President Trump takes strategic messaging toward the people of China very importantly. President Trump has, very publicly, complimented the friendship he feels toward President Xi Jinping; and praises Chairman Xi for his character, strength and purposeful leadership. Trump knows how to play their panda/dragon games.
Each time China takes aggressive action (red dragon) China projects a panda face through silence and non-response to opinion of that action;…. and then the action continues. The red dragon has a tendency to say one necessary thing publicly, while manipulating another necessary thing privately. The Art of War.
President Trump is the first U.S. President to understand how the red dragon hides behind the panda mask. Chairman Xi and President Trump are scheduled for a dinner on Saturday night; their first face-to-face meeting in a year.
The entire planet is focused on the dynamic of Chairman Xi and President Trump. Billions waged on the position of an eyebrow, or the hint of a smile. Epic stuff. In the multinational finance world this is bigger than the moon landing, world cup and Olympics combined. Every nuance and inference to be reviewed in slow-mo replay by hedge-fund managers looking for any indication of hope.
The funniest thing is Donald Trump doesn’t care about all that. He has the desired ‘America First’ outcome gamed out; POTUS is only looking to see which direction Xi is leaning. From there Trump puts the instructions to the team (Mnuchin, Pompeo, Ross, Lighthizer and Navarro); yet even they don’t know the full plan, no-one does except President Trump… for a reason.
The Wall Street global financial crowd is on pins-and-needles hoping desperately the confrontation between China and the U.S. doesn’t escalate.
Meanwhile, blue-collar Main Street USA is hoping ‘bull-in-a-china-shop-Trump‘ punches Xi in the nose; diplomatically of course.
People from the White House are scheduled to talk to Merkel’s bosses on Tuesday December 4th, so it’s likely Chancellor Merkel wants to know what the conversation will be about.
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[Transcript] Buenos Aires, Argentina – 1:41 P.M. AST – PRESIDENT TRUMP: Well, thank you very much everybody. It’s a great honor to be with Chancellor Merkel, who is my friend. We have a great relationship and a great working relationship, I think very important. And we are talking trade. We’re talking defense. We’re talking about many things.
We have a tremendous trade imbalance, but we’re going to get that straightened out. It’ll be better and better, I think, as time goes by. Our military relationship is very good. I think we all understand each other.
And it’s an honor to be with the Chancellor. She’s done an incredible job. Highly respected by everybody, including me. So I just want to say it’s a great honor, Angela. Thank you very much.
CHANCELLOR MERKEL: You’re welcome.
(As interpreted.) Well, let me say I’m very glad we have the opportunity for this bilateral meeting. We shall address issues related to trade, multilateral issues, and also fair trade and the World Trade Organization. We will also talk about bilateral relations, Ukraine, Syria, and the violations of the INF treaty by Russia.
So there’s quite a lot to do, quite a lot on our plate for this relatively short time.
PRESIDENT TRUMP: Good. Thank you very much. Thank you very much everybody. Thank you.
Q Mr. President, have you spoken to President George W. Bush?
PRESIDENT TRUMP: Yes, I have. And Jeb also. And I expressed deepest sympathies. Angela and I were just talking about it. He was a wonderful man. And you may want to just explain your little meeting with him. I found it very interesting.
CHANCELLOR MERKEL: Yes. I was in (inaudible), in the White House, visiting George Bush. And he’s the father, or one of the fathers, of the German unification, and we will never forget that.
THE PRESIDENT: I found that very interesting.
So we extended our best wishes. And he was — he was a very fine man. I met him on numerous occasions. He was just a high-quality man who truly loved his family. One thing that came through loud and clear, he was very proud of his family and very much loved his family. So he was a terrific guy and he’ll be missed. And he led a full life, and a very exemplary life too, I will say.
And we’ve decided — as you know, we were going to have a big press conference today, which I actually looked forward to because we’ve made tremendous progress at the G20 with many nations. And we were going to have a very big press conference, and out of respect for President Bush, we’ve cancelled it here and we’ll have it back in Washington at some time in the near future. Sometime after the funeral service. Okay?
Q Do you regret any of your comments about Bush or his family in the past?
THE PRESIDENT: Thank you very much, everybody. Thank you.
Q Mr. President, are you still planning to meet with President Xi today?
THE PRESIDENT: We will be meeting with President Xi tonight. I will be, and my group — small group. And he will have a small group of representatives and we’ll be talking about a thing called trade, and probably other things also. But primarily trade.
And it’s a very important meeting. But again, the fact that we lost a President who truly was a wonderful person, a wonderful man, a great man, it really puts a damper on it, to be honest with you.
So we’re going to have the meeting tonight, and then I’ll be going back to Washington. And we can all meet sometime during the week or shortly thereafter.
U.S. President Donald Trump meets with the Prime Minister of a nation who used their intelligence network in an effort to defeat him in the 2016 campaign… Weird.
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[Transcript] Buenos Aires, Argentina – 3:08 P.M. AST – PRESIDENT TRUMP: Thank you very much, everybody. It’s an honor to be with the Prime Minister of Australia, Prime Minister Morrison. And we’ve just gotten to know each other, and so far, so good, I have to tell you. I think it’s going to be a great relationship. And we certainly anticipate having a fantastic relationship — always — with Australia.
I know you’ve done a fantastic job in a very short period of time. You’ve done a lot of the things that they’ve wanted over there and that’s why you’re sitting right here. And so I congratulate you.
But it’s an honor, and we will be with Australia and you all the way.
PRIME MINISTER MORRISON: Well, thank you. Thank you very much, Mr. President. Australia and the United States have always been the greatest of friends — not just in periods of strategic cooperation, but economically. And the people-to-people relationships — well, there’s none better.
PRESIDENT TRUMP: Thank you very much, everybody. Thank you. Appreciate it.
Q Mr. President, will you be exchanging pleasantries with Putin? Will you be exchanging pleasantries with Putin?
PRESIDENT TRUMP: I don’t know. Not particularly. I don’t know.
An important trilateral meeting between President Trump, Prime Minister Abe and Prime Minister Modi which forms an important economic alliance for President Trump’s Indo-Pacific economic strategy. This larger geopolitical strategy is the counterweight to China’s One-Belt/One-Road (red dragon) maneuver.
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[Transcript] Buenos Aires, Argentina – 2:39 P.M. AST – PRESIDENT TRUMP: Thank you very much. It’s a great honor to be with Prime Minister Modi of India, and, as you know, Prime Minister Abe of Japan. And we just had a great meeting, and we’re having now what we call a “trilat.”
The relationships between our three countries is extremely — extremely good, extremely strong. I think, with India, maybe stronger than ever. And with Japan, I think, stronger than ever. We’re doing very well together. We’re doing a lot of trade together. We’re doing a lot of defense together, a lot of military purchases.
And we’re going to now have a little discussion between the three of us. So thank you very much.
Mr. Prime Minister.
PRIME MINISTER MODI: (As interpreted.) I feel this is a very good occasion for our three countries — countries which have shared values, democratic values — Japan, America, and India together. We will be playing a big role together for world peace, prosperity, and stability.
I’m also happy that both the countries are our strategic partners. Both of them are very good friends. And the three countries together — it is a matter of good fortune that we will work together.
When you look at the acronym of our three countries — Japan, America, and India — it is “JAI,” which, in Hindi or in India, in general, is for “success.” In a way, this “JAI” — “success,” this message — is a good message that goes out. It’s a good beginning.
And together, as I said earlier, we’ll be playing a very big role to work together for world peace, prosperity, and stability.
PRIME MINISTER ABE: (As interpreted.) I am very delighted to hold the first-ever Japan-U.S.-India trilateral summit meeting today. Japan, the U.S., and India share fundamental values and strategic interests. And I certainly hope to further reinforce our trilateral partnership and to continuing our close cooperation toward realizing a free and open Indo-Pacific.
By having three of us working together, we’ll bring more prosperity and more stability in the region, as well as globally.
PRESIDENT TRUMP: Thank you very much.
Q Mr. President, what did you discuss with MBS?
PRESIDENT TRUMP: We had no discussion. We had no discussion. We might, but had none.
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe hold a bilateral meeting at the G20 summit in Buenos Aires, Argentina. (Video and Transcript) PM Abe represents one important leg of the “indo-pacific” economic/trade realignment, being carried out by President Trump.
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[Transcript] Buenos Aires, Argentina – 1:50 P.M. AST – PRESIDENT TRUMP: So it’s a great honor to be with my friend, Shinzo Abe, Prime Minister of Japan, who has just had a very big success in his election. He won by a massive amount. And I’m not surprised at all.
I just want to say that we have many things that we’ll be talking about, in particular protection, military-type. Also trade — we’re doing a lot of business with Japan and trade. The deficit is coming down. It’s a massive deficit between the — between Japan and the United States, and it’s coming down.
Japan is buying large amounts of our fighter jets, our F-35s and others, and we appreciate it very much. But they are really working with me on trying to balance our deficit, because we do have a deficit that is pretty substantial with Japan. We hope that we’re going to be balancing it very quickly.
Just in finishing, we’re two countries that are doing very well in many different ways. Our military working together, having to do with North Korea and other factors, really has been very strong. Our partnership has been quite extraordinary, and we will be together for a long time.
I think probably there’s no time in our history where we’re closer. And I’ll be going to a tremendous event in Japan; I was very honored to be invited. Your Emperor.
PRIME MINISTER ABE: (As interpreted.) So once again, from the outset, I would like congratulate you on your historic victory in the midterm election in the United States.
And, as of now, as you rightly mentioned, the alliance between Japan and the United States has become more robust than ever. And also this mere fact that we are having another round of summit meeting on the margins of this G20 Summit is actually the symbol of the robustness of our alliance.
So every time, when we see each other, we always have a very candid discussion. And today, I look forward to having another candid discussion with you on the regional affairs, including North Korea, as well as Japan and U.S. economic relations, of course including our trade relations and other important topics.
PRESIDENT TRUMP: Thank you very much, Shinzo. Thank you.
Thank you all very much. Appreciate it. Thank you.
Q Mr. President, why cancel the Putin summit?
PRESIDENT TRUMP: Thank you very much.
Ukraine. Purely and simply — Ukraine. We don’t like what happened. We’re not happy about it; nobody is. And hopefully they’ll be able to settle it out soon because we look forward to meeting with President Putin. But on the basis of what took place with respect to the ships and the sailors, that was the sole reason.
Thank you very much everybody.
Q Mr. President, will you be talking about China?
PRESIDENT TRUMP: We’ll be meeting with China, as you know. Yes. We’ll be meeting tomorrow, and we’ve already spoken. And we’re working very hard. If we could make a deal, that would be good. I think they want to, and I think we’d like to. And we’ll see.
But we’ll be meeting with President Xi in a little while, but in — for the most part, tomorrow, I would say, would be our big meeting. But, in the meantime, people are working, our staff is working, and we have a lot of very talented people working. Larry Kudlow’s representatives are dealing with them on a constant basis.
There’s some good signs. We’ll see what happens. Thank you. Thank you. Good question.
Here’s some links you might enjoy exploring. The official Website for the G20 in Buenos Aires (english version) [SEE HERE]. The photo gallery for the G20 [SEE HERE] Pictures of First Lady Melania Trump [SEE HERE]
The leaders from all G20 nations assemble for the official photograph that precedes Friday’s first plenary session. (Video and Photograph):
On the sidelines of the G20 summit in Argentina, U.S. President Trump, Mexican President Pena Nieto and Justin from Canada deliver remarks prior to signing the NAFTA replacement agreement, the USMCA. [White House Statement Here]
The USMCA is a major structural shift in the U.S., Mexico and Canada, trade agreement. While the new agreement does not form an actual trade-bloc, the agreement removes most of the exploitation of the U.S. market that existed within NAFTA. The U.S. and Mexico are the primary benefactors; Canada notsomuch.
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[Transcript] Buenos Aires, Argentina – 9:24 A.M. AST – PRESIDENT TRUMP: Thank you very much. We’re gathered together this afternoon for a very historic occasion: The signing ceremony for a brand new trade deal, the United States-Mexico-Canada Agreement. So important.
I’m honored to be here with President Enrique Peña Nieto — who’s become a great friend — of Mexico, and Prime Minister Justin Trudeau, who has also become a great friend, who has — this has been a battle, and battles sometimes make great friendships. So it’s really terrific.
With our signatures today, we will formally declare the intention of our three countries to replace NAFTA with the USMCA a truly groundbreaking achievement. A modern-day agreement.
I want to thank U.S. Trade Representative Bob Lighthizer and his entire team for their tremendous effort and the efforts that they’ve made all throughout the last almost two-year period.
Thank you as well to Jared Kushner, Secretary of State Mike Pompeo, Secretary of the Treasury Steve Mnuchin, and Director Larry Kudlow for their hard work and untiring devotion throughout the negotiation process. Peter Navarro, thank you so much for the work that you put in. And so many others.
The USMCA is the largest, most significant, modern, and balanced trade agreement in history. All of our countries will benefit greatly. It is probably the largest trade deal ever made, also. In the United States, the new trade pact will support high-paying manufacturing jobs and promote greater access for American exports across the range of sectors, including our farming, manufacturing, and service industries.
As part of our agreement, the United States will be able to lock in our market access to Canada and Mexico, and greatly expand our agricultural exports — something we’ve been wanting to do for many years. This is an amazing deal for our farmers, and also allows them to use cutting-edge biotechnology, and eliminates non-scientific barriers.
Our nations have also agreed to innovate new measures to ensure fair competition and promote high wages, and higher wages, for U.S. and North American autoworkers. The autoworkers are a tremendous beneficiary.
Under the USMCA, at least 75 percent of our automobiles’ content must be manufactured in North America, and 40 to 45 percent of automobile content must be manufactured by North American high-wage labor in order to gain preferential access to our markets. This will help stop auto jobs from going overseas and it will bring back auto jobs that have already left. Many, many jobs are already planning to come back. Many companies are coming back, and we’re very excited about that.
This landmark agreement includes intellectual property protections that will be the envy of nations all around the world. The USMCA also contains robust new provisions on digital trade and financial services, and the most ambitious environmental and labor protections ever placed into a major trade agreement anywhere at any time.
We have dramatically raised standards for combatting unfair trade practices; confronting massive subsidies for state-owned enterprises; and, currently, if you look at it, currency manipulation that hurt workers in all three of our countries. The currency manipulation from some countries is so intense, so bad, and it would hurt Mexico, Canada, and the United States badly. We’ve covered it very well in this agreement.
These new provisions will benefit labor, technology, and development in each of our nations, leading to much greater growth and opportunity throughout our countries and across North America.
In short, this is a model agreement that changes the trade landscape forever. And this is an agreement that, first and foremost, benefits working people — something of great importance to all three of us here today.
President — I must say, Peña Nieto and Prime Minister Trudeau, we’ve worked hard on this agreement. It’s been long and hard. We’ve taken a lot of barbs and a little abuse. And we got there. It’s great for all of our countries.
Thank you for your close partnership throughout this process. This new agreement will ensure a future of prosperity and innovation for Mexico, Canada, and the United States. I look forward to working with members of Congress and the USMCA partners — and I have to say, it’s been so well reviewed, I don’t expect to have very much of a problem — to ensure the complete implementation of our agreement.
Enrique, I want to thank you on a personal note, and I want to wish you the very best. This will be your last day in office, so that’s a very auspicious day when you can sign something so important. But we really do appreciate it. I think I can speak for Justin when I say that. (Applause.) We both — we both agree he’s a special man. And he’s really done a good job, and we appreciate it very much. Thank you.
So I just want to congratulate you on ending your term in office with this incredible milestone. It is really an incredible way to end a presidency. You don’t see that happen very often.
I look forward to working with President-elect López Obrador for many years to come. And our relationship, I know, will be a very good one. We’ve had great conversations and I think we’re going to have a great, great relationship.
And I would now like to invite the President and the Prime Minister to say a few words. And perhaps we can start with Justin. And we appreciate it very much. Thank you. Justin, please. (Applause.)
PRIME MINISTER TRUDEAU: Good morning. Thank you all for being here, and thank you to Presidents Trump and Peña Nieto. Donald, thank you for your words this morning. Thank you for pulling this event together. Enrique, this, as Donald said, on your last day in office, it’s a wonderful pleasure to see you and to be here on this historic moment.
The new North American Free Trade Agreement maintains stability for Canada’s entire economy — stability that’s essential for the millions of jobs and middle-class families across the country that rely on strong, reliable trading relationships with our closest neighbors. That’s why I’m here today.
The new agreement lifts the risk of serious economic uncertainty that lingers throughout a trade renegotiation process. Uncertainty that would have only gotten worse and more damaging had we not reached a new NAFTA.
But when faced with this challenge, Canadians came together and rolled up their sleeves. Canadians from every order of government and walks of life put their country’s interests first and worked hard to achieve a new, modernized agreement that will protect jobs, strengthen the middle class, and create new opportunities for businesses.
There’s much more work to do in lowering trade barriers and in fostering growth that benefits everyone. But reaching a new free trade agreement with the United States and Mexico is a major step for our economy.
Canadians got here because Team Canada was driven by the interests of the middle class. Free and fair trade leads to more and better-paying middle-class jobs for more people. And the benefits of trade must be broadly and fairly shared. That is what modernizing NAFTA achieves, and that is why it was always so important to get this new agreement done right.
As a result, the tariff-free access that NAFTA guaranteed for more than 70 percent of Canada’s total exports is secure. And that’s essential for businesses, families, jobs, entrepreneurs, and hardworking people in every corner of our country.
As I said, the task isn’t done. There is more hard work ahead to build resilient, strong economies that support families everywhere in Canada.
As I discussed with President Trump a few days ago, the recent plant closures by General Motors, which affects thousands of Canadian and American workers and their families, are a heavy blow. Make no mistake: We will stand up for our workers and fight for their families and their communities.
And, Donald, it’s all the more reason why we need to keep working to remove the tariffs on steel and aluminum between our countries.
With hard work, good will, and determination, I’m confident we will get there. Our shared interests, prosperity, and security demand it.
Before wrapping up, I’d like to personally thank our Foreign Affairs Minister Chrystia Freeland, along with U.S. Trade Representative Bob Lighthizer, and Mexican Secretary of the Economy Ildefonso Guajardo for all their hard work and dedication since the very beginning of this process. I’d also like to thank Ambassador David MacNaughton, Chief Negotiator Steve Verheul, and their talented and extremely hardworking staff.
Once again, thank you all for being here today. (Applause.)
PRESIDENT PEÑA NIETO: (As interpreted.) President of the United States, Donald Trump; Prime Minister of Canada, Justin Trudeau; distinguished members of the delegations joining us today: To both, I would like to thank you for your generous remarks.
This is precisely the last day of my administration, ladies and gentlemen, members of the media. During the last day of my administration as President, I am honored to be here standing next to the leaders of two countries who are friends and partners in this signing ceremony of the new trade agreement between Mexico, the U.S., and Canada.
The agreement that we will sign today expresses the shared will by our three nations to work together towards the wellbeing and prosperity of each one of our societies. This day is the culmination of a long process based on dialogue and negotiations that allow us to overcome differences and to conciliate our visions. Once signed, the agreement will be sent to our congresses for its ratification. It will be then when this innovative instrument bears fruit by offering a more inclusive, firm, and modern foundation for our future exchanges.
The negotiation of USMCA allowed to reaffirm the importance of economic integration in North America. For more than a quarter of a century ago, our three countries have maintained very tight trade relationships. Such trade has transformed Mexico. Today, our exchanges abroad represent more than 70 percent of our gross domestic product.
And this has contributed to the fact that, today, the benefits of trade with the world are broadly valued by the Mexican society. Revamping the new trade agreement was aimed to preserve the view of an integrated North America, with a firm belief that together we are stronger and more competitive.
In spite of the progress that we’ve seen in our trade relationship in the last two decades, there was still a long road ahead of us to take advantage of each country’s potential. The United States-Mexico-Canada Agreement gives a renewed face to the process of integration. This process achieved, on the first place, to modernize our trade framework. Trade agreements shall not be static. Agreements need to move along with the economy and should be according to the needs of our society.
The inclusion of new provisions on e-commerce, information technologies, and trade-enabling practices are now part of the agreement. In fact, one third of the agreement includes topics that were not included in the current agreement. The renegotiating process of the agreement allowed our region to move into a more inclusive integration — a type of integration that listens to the demands of our societies.
Twenty-four years ago, NAFTA set a new benchmark for trade agreements back then. Today, USMCA is the first trade agreement that incorporates elements that address the social impact of international trade. It enables the participation of more sectors in the economy, including the participation of SMEs in regional trade. It extends the protection of workers’ rights, strengthens the protection of the environment, and also includes a review clause that would make easier that the agreement is revamped more constantly. And this is a true sign of the will we have put in this agreement — the decision to provide more and better opportunities to our peoples.
I would like to acknowledge the work done by the negotiators from the three countries. Each team advocated for each country’s interests. And by doing this, you reached a very positive result for the sake of all countries.
In the case of Mexico, this work bears testimony of the work of the business community who were present during the process, and specifically the new administration that will take office tomorrow. Your support, and the alignment of visions in the last phase, contributed to the success of this renegotiation process. I would like to say that I sincerely acknowledge President Trump and Prime Minister Trudeau for their vision and the vision that they have put into the process. Thanks to you, President Trump and Prime Minister Trudeau, the agreement that we have signed today will allow each country to gain individually, but also North America will grow stronger and will grow to be more prosperous.
Ladies and gentlemen, currently in the world, each country’s future is firmly linked to what happens in other countries. In North America, we understand this very clearly. We understand that each society’s prosperity will be greater and will be deeply rooted if it’s based in the prosperity of the region as a whole.
This signing ceremony, it is a sign that Mexico, the United States, and Canada, being close — not only due to our geography but on values and our expectations — we’re ready to begin a new chapter in our shared history. Thank you very much. (Applause.)
(The United States-Mexico-Canada Agreement is signed.)
Just signed one of the most important, and largest, Trade Deals in U.S. and World History. The United States, Mexico and Canada worked so well together in crafting this great document. The terrible NAFTA will soon be gone. The USMCA will be fantastic for all!
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This is a library of News Events not reported by the Main Stream Media documenting & connecting the dots on How the Obama Marxist Liberal agenda is destroying America
Centinel2012 