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(AP Photo/Pablo Martinez Monsivais)

Trump Celebrates New Trade Deal, Called USMCA

October 01, 2018 - 11:55 am

Related: Canada-US Reach Deal To Stay In Trade Pact With Mexico

WASHINGTON (AP) — The Latest on a revamped North American free trade deal.

President Donald Trump is celebrating his latest revamped trade agreement with America's two neighbors and is calling the pact for the United States, Mexico and Canada the USMCA.

He said Monday the deal has a "good ring to it," repeating U-S-M-C-A several times.

The agreement was reached late Sunday and gives U.S. farmers greater access to the Canadian dairy market. But it keeps the former North American Free Trade Agreement dispute-resolution process that the U.S. wanted to jettison. It offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States.

Trump said in the Rose Garden on Monday the pact is the "most important deal we've ever made by far."

Trump is crediting his protectionist trade policies for bringing about a revised trade agreement with Mexico and Canada.

Trump spoke to promote the new North American free trade agreement, which he calls the USMCA. Trump says, "Without tariffs we wouldn't be talking about a deal."

Trump calls critics of his tariff policies, including some lawmakers in Congress, "babies." He adds it is those moves that have brought American trading partners to the negotiating table.

Trump says tariffs are pushing the European Union, Japan and South Korea to seek out new trade agreements with the U.S.

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