Trump Lauds New Trade Deal With Canada, Mexico
MINNEAPOLIS (WCCO) -- President Donald Trump says the new free trade agreement reached between the United States, Mexico and Canada is a "terrific" and "historic deal."
The deal replaces NAFTA, the North American Free Trade Agreement. The USMCA -- or United States, Mexico, Canada Agreement -- gives American farmers greater access to the Canadian dairy market.
"This is a very big deal for our farmers. Mexico and Canada will be opened up a lot more than they are now," Trump said. "I think there will be a better spirit between the three countries, which is important for our farmers."
Trump and his Mexican and Canadian counterparts are expected to sign the $1.2 trillion deal next month, then it heads to Congress for approval.
Top state officials say the new trade agreement significantly eases uncertainty for Minnesota producers. Canada is by far Minnesota's number one trading partner with $1.3 billion in exports last year alone. Our neighbors to the north buy Minnesota dairy, turkeys, pork, soybeans and car and boat parts.
Mexico is the second largest export market.
Minnesota did more than $33 billion worth of exports last year. That's a 15 percent increase from 2016 despite the threat of tariffs and a trade war.