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>> U.S. President, Donald Trump, said he plans to notify Congress he will withdraw from the North American Free Trade Agreement, a message that appears aimed at pressuring lawmakers to either approve a newly signed trade deal or risk disrupting $1.4 trillion in international commerce.>> I will be formally terminating NAFTA shortly.
That'll be terminated. And so Congress will have a choice of the USMCA or pre-NAFTA, which worked very well.>> The newly christened US-Mexico-Canada Agreement, or USMCA, was signed by the leaders of the three countries at the G20 summit last week in Argentina. The deal concluding months of acrimonious trade talks to update the existing 24-year old NAFTA.
>> We've worked hard on this agreement. It's been long and hard. And we got there, it's great for all of our countries.>> But disagreements small and large remain. Does the accord replace NAFTA, or merely rebrand and update it? While Trump likes to call the agreement.>> Our brand new trade deal
>> Canada's Prime Minister, Justin Trudeau, standing next to him called it.>> A new NAFTA. More concerning for the signatories, the deal must still pass the legislatures of all three nations. And, after the U.S. Democrats' decisive take over in the House of Representatives, the accord could still face revision or rejection.
The incoming leader of Democrats in the House, Nancy Pelosi, calling the USMCA a work in progress.>> This is not something that we have a piece of paper where we can say yes or no to.>> Under the terms of NAFTA, which remains in effect, any country can withdraw after giving six-months notice.
It's unclear whether the president can unilaterally quit a trade deal without congressional approval.