The U.S., Canada and Mexico have come to an agreement on trade after months of renegotiating the 24-year-old North American Free Trade Agreement (NAFTA). Tariffs on Canadian steel and aluminum, however, were not resolved.
The updated trade deal, now called the United States-Mexico-Canada Agreement (USMCA), must undergo a 60-day review period in Congress before the President can sign it. Mexican President Enrique Peña Nieto leaves office December 1, which made yesterday the deadline to begin the 60-day period without having to restart negotiations with a new Mexican administration.
In a news conference earlier today, the President said the 34-chapter deal governs $1.2 trillion in trade. While the USMCA deal did not lift tariffs on Canadian aluminum and steel, those discussions will happen separately.
The Window and Door Manufacturers Association (WDMA) released a statement regarding the revised NAFTA agreement.
“WDMA is encouraged that the United States, Canada and Mexico were able to agree on a trilateral agreement to replace NAFTA,” says WDMA president and CEO Michael O’Brien. “WDMA is reviewing the details of the draft released over the weekend and are hopeful that the agreement’s terms promote open markets for the window, door and skylight industry, and contribute to a robust economy.”