'IT'S A BEAUTIFUL DAY'
Donald Trump hails ‘biggest ever’ £800bn trade deal with Canada and Mexico after slamming ‘worst ever Nafta deal’
The President said it would support hundreds of thousands of US jobs
DONALD Trump said a new free trade agreement with Canada and Mexico would support hundreds of thousands of US jobs.
The deal is a reworking of the 1994 North American Free Trade Agreement, which underpins $1.2 trillion in trade between the three countries.
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Trump had described NAFTA as a bad deal for Americans and threatened to eliminate it as part of his "America First" agenda.
The new United States-Mexico-Canada Agreement (USMCA) is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner.
"These measures will support many - hundreds of thousands - American jobs," he said
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"It means far more American jobs, and these are high-quality jobs."
Trump also denounced Nafta saying "the factories were leaving, the jobs were leaving, people were being fired" as a result of the deal.
"We have negotiated this new agreement based on the principle of fairness and reciprocity, " he said.
"To me, it's the most important word in trade."
The agreement was forged just before a midnight deadline imposed by the U.S. to include Canada in a deal reached with Mexico late in the summer.
Canadian Prime Minister Justin Trudeau on Sunday called it "a good day for Canada".
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The pact is expected to be signed by Trudeau and outgoing Mexican President Enrique Pena Nieto before he leaves office on December 1.
Speaking on the Rose Garden at the White House, the President credited his his protectionist trade policies for bringing about a revised trade agreement with Mexico and Canada.
"Without tariffs we wouldn't be talking about a deal," adding that critics of his tariff policies, including some members of Congress were "babies".
He claimed tariffs are pushing the European Union, Japan and South Korea to seek out new trade agreements with the U.S.
The new agreement doesn't not include any changes to separate U.S. tariffs on steel and aluminium levied earlier this year .
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Some of American's trading partners, including Canada, Mexico, China and the European Union were hit by the levies.
Trump is also still locked in a bitter trade war with China.
In September he slapped tariffs of $200billion (£152bn) on goods arriving from the country.
If Beijing does take retaliatory action, he’ll slap a further $267billion (£203billion) on “additional imports”.
Win for Donald Trump as US and Canada confirm trade deal with Mexico to replace NAFTA
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