Pact between US, Canada and Mexico
Canada, Mexico and the United States signed a fresh overhaul of a quarter-century-old trade pact on Tuesday to revamp the 1994 North American Free Trade Agreement (NAFTA), a deal President Trump has blamed for the loss of millions of U.S. manufacturing jobs. The new deal aims to improve enforcement of worker rights and hold down prices for biologic drugs by eliminating a patent provision.
Canada’s parliament and Mexico’s congress are expected to ratify the deal without major snags. However, it is likely that the Republican-controlled Senate would not take up the deal before congressional recess, potentially pushing the vote into next year.