Economy

Trump to kill old NAFTA

Trump to kill old NAFTA

Canada takes U.S. President Donald Trump's comments about pulling out of NAFTA seriously and has no indication when the White House might act, Finance Minister Bill Morneau said on Monday.

President Donald Trump has said that he intends to end the North American Free Trade Agreement in six months, potentially forcing Congress to pass his new trade deal or risk having no trade deal in place.

Morneau, speaking to a NY event arranged by Politico, also said it was clear that a negotiating process was starting in the United States which he hoped would lead to Congressional ratification of a new pact created to replace the North American Free Trade Agreement.

Trump, Prime Minister Justin Trudeau and former Mexican president Enrique Pena Nieto signed the new U.S. -Canada-Mexico Agreement at the start of G20 meetings Friday in Argentina.

"While we'll have to watch and ensure we get through this next stage, we have a high level of confidence that's achievable".

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AP via CP Former President of Mexico Enrique Pena Nieto, left, U.S. President Donald Trump, and Prime Minister Justin Trudeau, participate in the USMCA signing ceremony, November 30, 2018 in Buenos Aires, Argentina. NAFTA allows any country to formally withdraw with six months notice. Pierre Lampron, president of Dairy Farmers of Canada (DFC), pulled no punches when he said of the signing, "This is truly a dark day in the history of dairy farming in Canada".

Not even all Republicans in Congress are on board just yet.

"For these reasons, I oppose NAFTA 2.0, and will vote against it in the Senate unless President Trump reopens the agreement and produces a better deal for America's working families".

Trade experts have long suspected Trump, who has made beating up on NAFTA a central feature of his political career, might play the termination card in an effort to light a fire under the deal's critics. Since Democrats now control the House of Representatives, their support will be crucial for the USMCA to get Congressional approval.

"I think they're betting on Congress not letting it all go to hell", she said.