On Monday, October 1, 2018, US President Donald Trump welcomed Canada’s entry into a new trade deal that was signed on the last day of deadline and it may replace to existing North American Free Trade Agreement (NAFTA).
Trump praised the new trade deal as a ‘historic transaction’ and gave it the name ‘United States Mexico Canada Agreement’.
Trump wrote on twitter, “Late last night, our deadline, we reached a wonderful new Trade deal with Canada, to be added into the deal already reached with Mexico. The new name will be The United State Mexico Canada Agreement, or USMCA. It is a great deal for all three countries, solve the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduce Trade Barriers to the U.S. and will bring all the great Nations together in competition with the rest of the world. The USMCA is a historic transaction”.
Late last night, our deadline, we reached a wonderful new Trade Deal with Canada, to be added into the deal already reached with Mexico. The new name will be The United States Mexico Canada Agreement, or USMCA. It is a great deal for all three countries, solves the many……
— Donald J. Trump (@realDonaldTrump) October 1, 2018
US and Mexico agreed on renewed trade agreement last month and US administration officially notified Congress of US-Mexico trade agreement on August 31 and gave a time period of 90 days to to sign the new agreement before he leaves office on December 01, 2018.
On Sunday late night Canadian Prime Minister Justin Trudeau called the meeting of his cabinet to finalize the deal. Earlier, White House trade adviser, Peter Navarro said on Fox News Channel, “By Monday Morning you will have some news one way or another that will be big and perhaps marketing-moving”.