berg80
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Trump Signs Trade Deal With Canada and Mexico
WASHINGTON — President Trump signed the revised North American Free Trade Agreement into law on Wednesday, fulfilling a key campaign promise and bringing more than two years of tumultuous negotiations over the continent’s trade rules to a close.The trade deal, now called the United States-Mexico-Canada Agreement, updates the quarter-century-old NAFTA, with stronger protections for workers and the digital economy, expanded markets for American farmers and new rules to encourage auto manufacturing in North America.
“Today we are finally ending the NAFTA nightmare and signing into law the brand-new U.S.-Mexico-Canada Agreement,” Mr. Trump said during a signing ceremony at the White House.
“For the first time in American history, we have replaced a disastrous trade deal that rewarded outsourcing with a truly fair and reciprocal trade deal that will keep jobs, wealth and growth right here in America,” he said.
Trump Signs Trade Deal With Canada and Mexico (Published 2020)
President Trump signed the trade deal at the White House, fulfilling a campaign promise to rewrite the North American trade rules.
Are the tariffs beginning today an admission the "Only I can fix it" guy screwed up? Are the tariffs really about the issues trump says they are?
Fact check: Canada makes up just 0.2% of US border fentanyl seizures
President Donald Trump and his administration have made a variety of complaints about Canada to justify his plan to impose 25% tariffs on most imports from Canada (with 10% tariffs on energy imports) beginning on Tuesday. Most frequently, Trump has cited the US trade deficit with Canada, the trafficking of fentanyl from Canada to the US, illegal migration over the Canada-US border, and Canada’s low level of defense spending.Trump, however, has wildly exaggerated the size of that trade deficit. He hasn’t mentioned that Canada is responsible for a minuscule percentage of illegal fentanyl imports into the US and a small percentage of US encounters with migrants. And while Canada’s persistent failure to meet NATO defense spending guidelines has long been a bipartisan US concern, Trump has sometimes overstated the extent of the problem.
The US trade deficit with Canada is much lower than Trump has claimed
Trump has repeatedly inflated the size of the US trade deficit with Canada. He said Friday, as he has before, that “we have about a $200 billion deficit with Canada — getting close to $200 billion.”He qualified the claim that time, with the words “about” and “getting close to,” but it still wasn’t even close to correct.
https://www.cnn.com/2025/02/03/business/tariffs-gas-prices
The US goods and services trade deficit with Canada was about $40.6 billion in 2023, the last year for which full data is available, according to the US government’s Bureau of Economic Analysis. Even if you only consider trade in goods and ignore the services trade at which the US excels, the US deficit with Canada was about $72.3 billion in 2023, still far shy of Trump’s regular “$200 billion” figure.
And it’s worth noting the deficit is overwhelmingly caused by the US importing a large quantity of inexpensive Canadian oil — about 3.9 million barrels of crude oil per day on average in 2023 — which helps keep Americans’ gas prices down.
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www.cnn.com
Facts are the bane of trump's existence. And they aren't exactly a friend of his following either.
