"One of the challenges over the past couple of years has been that this instrument that underlines and underpins a $2-billion-a-day trading relationship we have with the United States has been under negotiation, creating a certain sense of instability within our trading community". "There's never been anything like it", President Trump said.
Once that happens, a welcome measure of predictability and confidence will return to the continental trade corridor, said Kirsten Hillman, Canada's acting ambassador to the USA, who was on hand for Wednesday's ceremony.
"This final step by President Trump ensures soybean growers will maintain access to two of their top markets, and it will also support the poultry and dairy industries that are important to soy", said Bill Gordon, ASA president and grower from Worthington, MN.
Expert say the impact will be modest, given that Canada and Mexico already represent the top two export markets for US goods.
US President Donald Trump arrives at the 47th annual"March for Life in Washington DC on 24 January 2020
He promises a "glorious future" for the U.S. industry. The same Democrats who negotiated with the Trump administration for months to expand the pact's labour, environmental, and enforcement provisions and pave the way for its approval by the Democratic-controlled House were noticeably missing.
Trump touted the victory as he says the deal will benefit farmers, ranchers, those who work in energy and American workers in general. "I don't want to leave anybody out", Trump said before listing several GOP senators.
USMCA gives American farmers more of a chance to compete in Canada's highly restrictive dairy market, sets a minimum wage for workers manufacturing automobiles and increases the percentage of auto parts required to become duty-free.
"It's a blip", Syracuse University trade economist Mary Lovely tells AP.
USA legislators said it was unclear when the accord would take effect since Canada's main opposition Conservative Party had expressed concerns about aspects of the deal, and there was no exact timeline for ratification there. "The main thing is what it isn't: It isn't a continuation of uncertainty, and it isn't a major disruption" to business.
Sen. Bernie Sanders (I-Vt.) was the only Democratic presidential candidate to oppose the measure, saying that it is a NAFTA upgrade but "it is not going to stop outsourcing ... it is not going to stop corporations from moving to Mexico". He will travel Thursday to MI, where some of the state's auto workers should benefit from a deal that encourages more manufacturing in the United States. Indeed, while a third of the public approves of the deal and only 5% disapprove, a solid majority, 61%, have not formed an opinion, according to a recent poll conducted by Monmouth University.
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