A new day begins for U.S., Mexico, Canada trade

The leaders of the United States, Mexico and Canada signed a new trade deal on November 30 that President Trump says “changes the trade landscape forever.”

Trump, outgoing Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau signed the U.S.-Mexico-Canada Agreement (USMCA) at a signing ceremony at the Group of 20 (G-20) summit in Buenos Aires, Argentina. (The G-20 is a group of leading and emerging economies whose leaders meet regularly to discuss financial matters.)

The new trade agreement, if ratified, will replace the North American Free Trade Agreement (NAFTA) that has set the ground rules for expanded trade among the countries since 1994.

The U.S. and Mexico arrived at a deal in August. Canada joined in October, after agreements with the United States on dairy, peanuts and other market-access issues.

“This has been a battle, and battles sometimes make great friendships,” Trump said.

“These new provisions will benefit labor, technology and development in each of our nations, leading to much greater growth and opportunities throughout our countries and across North America,” the president said.

U.S. Treasury Secretary Steven Mnuchin hailed the pact as “a critical step in modernizing and rebalancing North American trade.”

“The new agreement secures strong outcomes for farmers, ranchers, businesses and workers across North America,” he said.