President Donald Trump has celebrated his latest revamped trade agreement with America’s two neighbours and has called the pact for the United States, Mexico and Canada the USMCA. He said the deal has a “good ring to it”, repeating U-S-M-C-A several times.
The agreement was reached late on Sunday and gives US farmers greater access to the Canadian dairy market.
But it keeps the former North American Free Trade Agreement dispute-resolution process that the US wanted to jettison. It offers Canada protection if Mr Trump goes ahead with plans to impose tariffs on cars, lorries and vehicle parts imported into the United States.
Mr Trump said in the White House Rose Garden on Monday the pact is the “most important deal we’ve ever made by far”.
Mexico’s future foreign relations secretary said the new trade agreement between Mexico, the United States and Canada “provides certainty for financial markets, investment and job creation”.
Marcelo Ebrard also acknowledged “some of the new regulations, like the changes in the content rules, may pose some challenges for companies to adapt to”.
Outgoing President Enrique Pena Nieto said via Twitter on Monday the deal negotiated over the last 13 months “achieves what we proposed at the beginning: a win-win-win agreement”.