Trump will terminate NAFTA to press Dems into approving new trade deal

Donald Trump says he'll terminate Nafta

Brown gave his take on CNN's "State of the Union" on Sunday. The President needs to talk to Congress on this. "Congress will have a choice of the USMCA or pre-NAFTA, which worked very well".

If Trump ends NAFTA, Congress would have 60 days to approve USMCA or both trade deals would be void.

"I will be formally terminating NAFTA shortly", the president said of the trilateral agreement he and his supporters have long loved to hate.

Steelers Fall To Chargers 33-30
Austin Ekeler was given the first crack at filling in for Gordon but managed just one yard on eight carries in the first half. Three of the Chargers' four possessions ended with a punt - one a three-and-out -and the fourth was cut short for halftime.


Trump, Canadian Prime Minister Justin Trudeau and just-departed Mexican president Enrique Peña Nieto signed the NAFTA replacement at a ceremony - during the recent G20 Summit. Trump has repeatedly criticized NAFTA, calling it "the worst trade deal in history".

A number of Democrats in Congress, empowered by their new majority in the House of Representatives, say they don't much like the new agreement in its current form either, and say they won't support it without more stringent enforcement mechanisms for new labour rules and environmental protection.

And the finance minister said he has a "high level of confidence" that the new pact negotiated to replace NAFTA will be ratified by all three countries involved.

Trump hails 'special relationship' with Xi during talks over trade war ceasefire
Xi also reiterated China's stance on the Taiwan issue and the USA side pledged to continue to adhere to the one-China policy. It would also be good news for Tesla, which has been hit hard by increased tariffs on the electric cars it imports to China.


Meanwhile, a number of lawmakers and business groups are trying to push for the removal of USA tariffs on steel and aluminum imports from Canada and Mexico, which have inflicted harm upon American manufacturers and consumers, raising costs for a wide array of industries.

The move comes as leaders in congress mull over the agreement, with neither Republicans nor Democrats happy with the new agreement. "I commend President Trump and our US Trade Representative, Ambassador Lighthizer, for their perseverance, leadership and hard work". "A great deal." Trump said Saturday, during a press conference on Air Force One.

Thus, even though its been signed, it still faces major hurdles, particularly in the US where Congressional Democrats are cool to the proposed agreement. Sen. Pat Toomey (R-Penn.) has said that he thinks the new deal is a step back from NAFTA, and that before he could support it, it would need to get a "few tweaks that move it in the direction of a more pro-trade agreement".

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The global benchmark, Brent crude, steeply increased on the same day to $59.26 per barrel after closing at $58.12 last Wednesday. US light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 0930 GMT.


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