US President Donald Trump signed a new North American trade agreement, USMCA, into law on Wednesday (29.01.2020) at a ceremony at the White House attended by some 400 guests.
Guests at the signing of USMCA included lawmakers from across the country, workers, farmers and corporate CEOs, as well as officials from Mexico and Canada, a White House official said.
Mexican Foreign Minister Marcelo Ebrard welcomed the signing of the USMCA, saying that with this new step “the period of uncertainty” for the country’s economy “is coming to an end.”
Trump made renegotiating the North American Free Trade Agreement (NAFTA) a major campaign issue in 2016, and plans to promote his replacement at events in the coming weeks as he seeks a second term.
The plan enshrines new auto manufacturing requirements and tougher labor protections, but largely leaves unchanged the trillions of dollars in trade flow between the three countries.
The United States-Mexico-Canada agreement must still be ratified by Canada before it can enter into force.
This month, the U.S. Senate approved the legislation and sent the measure to Trump for signing. The Mexican parliament had already approved the pact.
Source: Reuters
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