Published: Вт, Декабря 04, 2018
Finance | By Loren Pratt

Morneau says Canada takes Trump’s intention of terminating NAFTA seriously

Morneau says Canada takes Trump’s intention of terminating NAFTA seriously

"Just so you understand, when I do that - if for any reason we're unable to make a deal because of Congress then Congress will have a choice" of the new deal or returning to trade rules from before 1994 when NAFTA took effect, he said.

At the G-20 summit in Buenos Aires on Friday, US President Donald Trump, Canadian Prime Minister Justin Trudeau and Mexican President Enrique Peña Nieto collectively signed the USMCA deal.

President Donald Trump said Saturday night that he will formally terminate the North American Free Trade Agreement 'shortly'. "It's NAFTA 2.0", Warren told a luncheon audience last week during a foreign policy speech in Washington.

And the finance minister said he has a "high level of confidence" that the new pact negotiated to replace NAFTA will be ratified by all three countries involved.

AP via CP Former President of Mexico Enrique Pena Nieto, left, U.S. President Donald Trump, and Prime Minister Justin Trudeau, participate in the USMCA signing ceremony, November 30, 2018 in Buenos Aires, Argentina.

Dziczek said she's anticipates a scenario where Trump signs a formal intent to withdraw, but ignores the fact that congressional approval would be required to repeal the underlying legislation that enforces the terms of the original agreement - a scenario she's dubbed "zombie NAFTA".

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"We take everything seriously", Morneau said when asked whether he took the president's comments at face value.

Trump has made renegotiating NAFTA a centerpiece of his presidency.

Trade experts have long suspected Trump, who has made beating up on NAFTA a central feature of his political career, might play the termination card in an effort to light a fire under the deal's critics.

Asked about Trump's comments, a spokesman for Canadian Foreign Minister Chrystia Freeland said "this is part of the US ratification process" but declined to comment further.

What has Congress said about this?

Since Democrats now control the House of Representatives, their support will be crucial for the USMCA to get Congressional approval.

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