Trump Threatens to Pull Out of NAFTA to Secure New Deal

Donald Trump

President Donald Trump has said that he intends to end the North American Free Trade Agreement in six months, potentially forcing Congress to pass his new trade deal or risk having no trade deal in place.

"I will be formally terminating NAFTA shortly", Trump told reporters aboard Air Force One on his way home from Argentina.

Canada, the United States and Mexico on Friday formally signed the U.S. -Mexico-Canada Agreement (USMCA) on the sidelines of the G20 summit in Buenos Aires, according to the Canadian television network CTV.

He said it's clear U.S. lawmakers are in the first stages of negotiations toward ratifying the U.S. -Mexico-Canada Agreement, known as USMCA.

Trump said Friday that he did not foresee a problem with getting congressional approval, but some Democrats - who will control the US House of Representatives as of January - have expressed skepticism. In October 2017, then-Attorney General Jeff Sessions issued a memo to US attorneys clarifying that sex discrimination does not encompass gender identity, including transgender status. The agreement will not have binding force in the United States until it is approved by the US Congress.

The U.S. national day of mourning for President George H.W. Bush on Wednesday has delayed the release of public and private economic data as well as widely anticipated testimony to lawmakers by Federal Reserve Chairman Jerome Powell, Bloomberg News reports.

More news: Trump sends mixed messages on tariff negotiations with China

"President Trump campaigned against the major flaws in global trade agreements that the original NAFTA created the framework for, and rightly so".

She cited a lack of enforcement tools for labour standards, drug company "handouts" and a lack of sufficiently robust measures to cut pollution or combat climate change, particularly in Mexico - and her refusal to use the deal's new name hinted at precisely why Trump wants to do away with the old one.

Sen. Patrick J. Toomey, R-Pa., a prominent free-trade advocate, said in an interview that he could not support the agreement as drafted because he believes it would diminish trade across the continent. And while there are some instances in which the president has acted unilaterally to terminate commercial treaties, far more cases have involved the participation of Congress, he said.

"For these reasons, I oppose NAFTA 2.0, and will vote against it in the Senate unless President Trump reopens the agreement and produces a better deal for America's working families".

USMCA will govern more than $1tn worth of trade between the countries. "The president needs to talk to Congress on this", the Ohio Democrat told CNN on Sunday.

Nancy Pelosi, the frontrunner to regain her position as Speaker of the House, on Friday called the deal a "work in progress". As a senator who represents a border state, I will examine this proposed agreement carefully and work to ensure that it actually benefits New Mexico's workers, environment, and border communities as part of a healthy bilateral relationship with Mexico.

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