US, Mexico, Canada sign NAFTA replacement deal

The United States-Mexico-Canada Agreement (USMCA) was signed by leaders of the three countries at the G20 Summit in Buenos Aires, Argentina on Friday. The trilateral agreement covers an approximate $1.2tr worth of goods. US President Donald Trump, along with Canada Prime Minister Justin Trudeau and Mexico President Enrique Pena Nieto made various statements on the deal’s impact for future trade in North America. The USMCA includes various labour protections, environmental protections, intellectual property protections and rules regarding digital trade. Though signed, the deal will still need to be ratified by each country’s various legislatures. The American Chemistry Council (ACC) approved of the signing but urged Trump to rescind tariffs on steel and aluminum.