Canada Formally Signs The USMCA

After much anticipation, Canada has formally signed the revamped North American Free Trade Agreement.

The new deal, the United States-Mexico-Canada Agreement, was officially signed Friday on the sidelines of the high-profile G20 summit.

Prime Minister Justin Trudeau joined U.S. President Donald Trump and outgoing Mexican President Enrique Pena Nieto at a hotel for the signing ceremony.

U.S. tariffs on steel and aluminium remain in place, but a Canadian official says an advantage to signing onto the agreement now is an auto side letter exempting Canada of potential tariffs on exports of up to 2.6 million vehicles, well above current levels.

Today marks an important deadline for the trade pact as a new Mexican president takes over Saturday, who might not honour the tentative deal struck by his predecessor.

The signing of the trade agreement is largely ceremonial, because it will still need to be ratified by all three countries before it can formally take effect.

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