US, Mexico and Canada sign new trade deal

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He said that it "lifts the risk of serious economic uncertainty that lingers throughout a trade renegotiation process - uncertainty that would have only gotten worse and more damaging if we had not reached a new NAFTA".

President Trump, his Mexican counterpart Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau have officially signed the replacement to NAFTA, in the wake of the Trump administration enacting tariffs on steel and aluminum products from Canada and Mexico, which sparked retaliatory tariffs and negotiations with the two countries.

'We worked hard on this agreement - it's been long and hard, ' he said. The deal still needs approval from the three countries' legislatures.

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Addressing Mr Trump, Mr Trudeau said: "And Donald, its all the more reason we need keep working to remove tariffs on steel and aluminium between our countries".

While Trump did not mention General Motors' announcement on Tuesday that it would lay off 15 percent of its workers and close five plants in the US and Canada, Trudeau did, calling it a "heavy blow". Before leaving for Argentina Thursday Trump told reporters he believes a fair deal for both countries can be reached.

'It's been so well reviewed I don't anticipate much of a problem, ' he said.

Inked by the North American leaders on the sidelines of the G20 summit in Buenos Aires, the deal, formally called the United States-Mexico-Canada Agreement (USMCA) in the US, comes after more than a year of negotiations.

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Friday's signing ceremony is a crowning moment for Trump, who loves to tout his deal-making prowess. 'The fact that this is an agreement in three languages adds to the level of technical complexity and it is on that level that we are just being sure that all the Is are dotted and all the Ts are crossed'.

And dairy remains a sticking point with the influential Canadian dairy lobby urging Trudeau's government not to sign the trade deal as it gives the United States expanded access to Canada's dairy, egg, and poultry markets.

Given that continuity, a number of family farm organizations from the US and Canada including the National Farmers Union Canada and the USA -based National Family Farm Coalition have urged a better deal, one "that promotes fair and sustainable food systems".

Mexican President Pena Nieto, on his last day in office, called the revamped version of NAFTA important in shoring up "the view of an integrated North America with the firm belief that together we are stronger and more competitive".

And while Canada continues to use the term NAFTA, US President Donald Trump isn't doing so.

- President Trump opened two days of diplomacy at the Group of 20 summit in Argentina on Friday after his abrupt decision to cancel a meeting with Russian President Vladimir Putin overshadowed the proceedings before they even started.

Nieto spoke after Trudeau. "Now, it is gone-at least between Canada and the U.S".

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