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G20 Summit: US, Mexico, Canada ink new pact replacing NAFTA

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Buenos Aires, Dec 1: US President Donald Trump on Friday, November 30, signed a revised North American trade pact with the leaders of Canada and Mexico which he called "groundbreaking" and a benefit for the "working people".

US President Donald Trump

The new pact will replace the 24-year-old North American Free Trade Agreement or NAFTA which Trump has been targeting for long and dubbed a "disaster".

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However, the new pact had his moments of concern as tensions over tariffs, the layoffs at General Motors and also questions over the pact's prospects in the Congress made the celebrations over it a bit hazy.

Trump, his Mexican counterpart Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau signed the agreement on the sidelines of the two-day G20 Summit that started in Buenos Aires on Friday. The pact was signed after two years of negotiations. It still has to be approved by the three nations' respective legislatures.

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On Saturday, Trump will meet his Chinese counterpart Xi Jinping after the meet and all quarters will be watching it closely expecting that it eases the ongoing trade war between the two big economies.

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