Canada signs onto new NAFTA trade deal on sidelines of G20 summit

Prime Minister Justin Trudeau joined U.S. President Donald Trump and outgoing Mexican President Enrique Pena Nieto at a hotel to formally sign the pact

Business.financialpost.com
November 30, 2018
The Canadian Press

After much anticipation, Canada signed the revamped NAFTA in Buenos Aires Friday on the sidelines of the high-profile G20 summit.

Prime Minister Justin Trudeau joined U.S. President Donald Trump and outgoing Mexican President Enrique Pena Nieto at a hotel to formally sign the trade agreement.

U.S. tariffs on steel and aluminum remain in place, but a Canadian official says an advantage to signing onto the agreement now is an auto side letter exempting Canada of potential tariffs on exports of up to 2.6 million vehicles -- well above current levels.

Friday marks an important deadline for the trade pact.

A new Mexican president takes over Saturday, who might not honour the tentative deal struck by his predecessor.

The signing of the trade agreement is largely ceremonial, because it will still need to be ratified by all three countries before it can formally take effect.