Several media organizations reported late Sunday night that negotiations between the U.S. and Canada have resulted in a new-fangled NAFTA — and President Trump will rebrand the trade deal as the USMCA.
Midnight on September 30 was the deadline President Trump set for renegotiating the North American Free Trade Agreement. Mexico’s president agreed to renegotiated terms in late August, but talks between Canada and the U.S. stalled.
The U.S. had demanded a reduction in Canada’s tariffs on American dairy products. Canada had insisted on keeping a system in place for resolving future trade disputes. President Trump is expected to approve the new pact with Canada’s prime minister and Mexico’s president before he leaves office December 1. Congress would then have 60 days to review and vote on the new agreement.
Canada is Iowa’s largest export market. Mexico is number two.
The Associated Press reports Canada’s prime minister called a meeting of his cabinet late Sunday night to review the framework of the free trade deal.