The news broke late in the day in Buenos Aires that Canada, the US and Mexico will sign the new NAFTA, the replacement for NAFTA, USMCA.
The new NAFTA is the USMCA, United States-Mexico-Canada Agreement.
It will still have to be ratified by legislatures in all three countries but the important part about this is signing the USMAC tomorrow.
Let us tell you that US President Donald Trump, Canadian PM Justin Trudeau and the Mexican President Enrique Pena Nieto on his last day on the job, those three leaders will also sign a side deal.
That side deal essentially has Donald Trump affirming that he will not impose auto tariffs on Canada and Mexico.
Earlier Donald Trump threatened to do so if he didn’t get what he wanted in this trade deal.
Now there is still a matter of steel and aluminum tariffs that the US is imposing on Canada and Mexico.
Of course, Canada has counter tariffs, and this is not good for the North American economy says just about everyone.
Will those steel and aluminum tariffs be lifted?
Well, it’s really up to Donald Trump and Canada’s PMO (Prime Minister’s Office) says, “Tomorrow is about NAFTA, we’re still trying to fight those steel and aluminum tariffs.”