President Donald Trump signs USMCA trade pact and puts an end to NAFTA
The president of the United States has officialized the USMCA trade pact between the United States, Canada, and Mexico.
Donald Trump revamps North America trade rules. The U.S president signed into law the new trade pact between the United States, Canada, and Mexico on Wednesday. The revamped treaty dubbed USMCA was signed during a ceremony at the white house.
“The USMCA is the largest, fairest, most balanced and modern trade agreement ever achieved,” said Donald Trump. Adding that new pact is estimated to increase the U.S GDP by 1.2% and create numerous jobs along with it. The new trade pact is an upgrade from the previous North American Free Trade deal (NAFTA).
The USMCA pact offers qualifying apparel and textiles, travel goods and footwear that originate from USMCA region duty-free access to the Canadian and US markets. Mexico has yet to approve the recent revisions made by the US, Canada, for its part still has to ratify the trade pact. The new trade deal is predicted to take effect in mid-2020.
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