Trump to Hold US Canada Agreement Press Conference at 11am EDT

President Donald Trump hailed Canada on Monday after the two countries forged a last-minute deal to salvage their trilateral NAFTA accord with Mexico, marking a key victory in the U.S. leader’s effort to shake up global trade.

The deal, announced on Sunday, is a reworking of the 1994 North American Free Trade Agreement, which underpins $1.2 trillion in trade between the three countries. Trump had described NAFTA as a bad deal for Americans and threatened to eliminate it as part of his “America First” agenda.


usdcad Canadian dollar graph, October 1, 2018

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.

While changing NAFTA and bringing down U.S. trade deficits was a top Trump campaign pledge, Sunday’s agreement largely leaves the broad deal intact and maintains current supply chains that would have been fractured under weaker bilateral deals.

Trump, who said he would hold a news conference at 11 a.m. EDT (1500 GMT) on Monday, on Twitter called the U.S. agreement with its neighbor to the north “wonderful” and “a historic transaction.”

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza