Trump says will formally terminate NAFTA soon

Donald Trump says he'll terminate Nafta

Trump says he'll be 'formally terminating NAFTA shortly' in a move that puts pressure on Congress

Trump was on board Air Force One on his way back from Buenos Aires when he declared he would terminate NAFTA, a move that gives lawmakers six months to approve its replacement.

Mexico's Enrique Pena Nieto (left), President Donald Trump and Canadian Prime Minister Justin Trudeau sign the United States-Mexico-Canada Agreement.

If Trump ends NAFTA, Congress would have 60 days to approve USMCA or both trade deals would be void.

The U.S. president, along with Canadian and Mexican leaders, signed the new deal, the U.S. -Mexico-Canada Agreement (USMCA), on Friday after more than a year of intense negotiations. "The deal eliminates Canada's unfair Class 6 and Class 7 milk pricing schemes, opens additional access to US dairy into Canada, and imposes new disciplines on Canada's supply management system", Perdue said.

NFU President Roger Johnson urged Congress to demand the administration make changes to the deal before ratifying it: "For decades, family farmers and ranchers have taken a backseat to corporate interests in global trade negotiations".

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The business world seems to be reacting favorably to the U.S.

Numerous nation's largest ports have been reporting record container volume as shippers rushed to get those items into the United States or sent overseas before the higher tariffs took effect.

"There is still more work to be done in Congress to ensure any final agreement stops the outsourcing of jobs to other countries, strengthens Buy America, puts in place real enforcement of labour provisions, and allows the United States to take action on currency manipulation", Senator Tammy Baldwin, a Wisconsin Democrat, said in a statement.

"I don't see how they get this ratified by Congress", Toomey said. "You're going to vote no on the USMCA?"

Sen. Sherrod Brown, D-Ohio, has been critical of the new trilateral trade deal.

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"As it's now written, Trump's deal won't stop the serious and ongoing harm NAFTA causes for American workers".

"The United States, Mexico and Canada worked so well together in crafting this great document".

Business Roundtable, an influential association of leading USA companies' executives, also called for a "prompt resolution" of the tariff issue between all three countries while reviewing the final text of the new trade agreement.

Dziczek said she's anticipates a scenario where Trump signs a formal intent to withdraw, but ignores the fact that congressional approval would be required to repeal the underlying legislation that enforces the terms of the original agreement - a scenario she's dubbed "zombie NAFTA".

"As now drafted this deal will put Florida seasonal vegetable growers out of business", Rubio wrote.

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