Trump says will formally terminate NAFTA soon

Donald Trump says he'll terminate Nafta

Trump, Canadian Prime Minister Justin Trudeau and just-departed Mexican president Enrique Peña Nieto signed the NAFTA replacement at a ceremony - during the recent G20 Summit.

Separately, the fate of the new, wide-ranging trade treaty among the United States, Canada and Mexico will soon be in the hands of lawmakers in all three nations.

Democrats mulling presidential runs in 2020, as well as labor and environmental groups, were already gearing up for a showdown with Trump over trade, and the revised North American Free Trade Agreement (NAFTA) will give them an opening for a new line of attack.

Trump, for example, wrote in a Twitter post Sunday night that China had agreed to "reduce and remove" all tariffs on US auto imports, a change that could have major implications for American companies shipping cars overseas. The agreement will not have binding force in the United States until it is approved by the US Congress. The U.S. can tuck some changes into the trade deal's implementing legislation and request that Mexico and Canada go along with it.

U.S. Rep. Rick Crawford, R-Jonesboro, told Talk Business & Politics he doesn't think the agreement will be decided during the lame duck session of Congress, but it could be considered in the first couple of months after the New Year.

"For these reasons, I oppose NAFTA 2.0, and will vote against it in the Senate unless President Trump reopens the agreement and produces a better deal for America's working families". There are many provisions that will be popular with constituents throughout the country, and Crawford said it would be a "gross miscalculation" by House Democrats if they try to stop or change the agreement.

The elimination of both trade deals could expose Canada to more tariffs and import quotas and could send us back to square one with our largest trading partner.

"As a result, I owe it to New Mexicans to apply the highest level of scrutiny to this agreement to make sure that our border communities won't suffer the consequences of the administration's flawed negotiations".

Although the three country leaders agreed to the new terms, lawmakers in each country still need to ratify the deal.

"Whatever they're calling it now, it has some kind of gobbledygook name - the trade agreement formerly known as Prince", Pelosi remarked Friday, "no, I mean, formerly known as NAFTA - is a work in progress". "What isn't in it yet is enough enforcement reassurances regarding workers, provisions that relate to workers and to the environment", she said.

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