US Senate Approved New Trade Agreement with Mexico and Canada
OREANDA-NEWS. The US Senate approved a bill on a trade agreement between the United States, Mexico and Canada (USMCA). The document was supported by 90 members of the upper house of Congress, 10 senators voted against. Now the bill should be signed by President Donald Trump.
In December, the USMCA was supported by the House of Representatives after Mexico ratified its amendments.
The document should replace the North American Free Trade Area Agreement (NAFTA) of 1994.
The United States, Mexico and Canada signed an agreement at the end of November 2018 at the Group of 20 summit in Argentina. It will enter into force after approving by the parliaments of all three countries.Signing of the new trade agreement was one of the election promises of Trump. According to the President, NAFTA caused the loss of many jobs in the USA.