U.S. President Donald Trump has signed into law the new trade pact with Canada and Mexico that replaces the former North American Free Trade Agreement (NAFTA).
The U.S.-Mexico-Canada Agreement (USMCA) delivers on one of Trump’s core campaign promises: to replace the Clinton-era North American Free Trade Agreement that the president said has drained the U.S. of jobs.
"We are finally ending the NAFTA nightmare," Trump said Wednesday at a signing ceremony on the White House south lawn. He then read through an extensive list of Republican lawmakers, thanking them for their help passing the deal.
The trade accord marks a rare moment of bipartisanship, but the two sides aren’t sharing the glory. The White House attendance list for the event included 71 Republican lawmakers but no Democrats, who say they weren’t invited.
Democrats have taken aim at Trump’s economic policies -- including tax cuts that benefited corporations and the wealthy -- but attacking his approach to trade has proved more complicated as they compete for votes in swing states that have seen manufacturing jobs disappear.
The White House was able to garner bipartisan support for the USMCA by adding labor safeguards and altering protections for drug patents. The pact provides expanded access for U.S. agricultural exports, new rules of origin for auto parts and additional protections for internet companies. The new trade pact is projected to add about 0.35% to the economy after six years.
