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Mexico’s outgoing President Enrique Pena Nieto was warmer. On his last day in office, he said the new deal was forged with the “firm belief that together we are stronger and more competitive.”. Legislators from the three countries must still approve the pact, officially known as the United States-Mexico-Canada Agreement (USMCA), before it goes into effect and replaces NAFTA. But the U.S. landscape will shift significantly in January when Democrats take control of the House of Representatives, after winning midterm elections in November.

Presumptive incoming Speaker of the House Nancy Pelosi described the deal as a “work in progress” that lacks worker and environment protections, “This is not something where we have pewter rhode island cufflinks a piece of paper we can say yes or no to,” she said at a news conference on Friday, noting that Mexico had yet to pass a law on wages and working conditions, Other Democrats, backed by unions that oppose the pact, have called for stronger enforcement provisions for new labor and environmental standards, arguing that USMCA’s state-to-state dispute settlement mechanism is too weak..

“There is still a ways to go to gain support in the new Congress for this agreement,” said Representative Bill Pascrell, the top Democrat on the House Ways and Means trade subcommittee. Still, Trump and U.S. Trade Representative Robert Lighthizer expressed confidence that the NAFTA replacement would pass Congress. “It’s been so well reviewed I don’t expect to have very much of a problem,” Trump said. Lighthizer said the pact was negotiated from the beginning to be a bipartisan agreement. “I think we’ll get the support of a lot of Democrats,” he told reporters.

Trump had forced Canada and Mexico to renegotiate the 24-year-old agreement because he said the existing pact encouraged U.S, companies to move jobs to low-wage Mexico, U.S, objections to Canada’s protected internal market for dairy products was a major challenge facing negotiators during the talks, and Trump repeatedly demanded concessions and accused Canada of hurting U.S, farmers, Matt Blunt, the head of the main lobbying group for GM, pewter rhode island cufflinks Ford (F.N) and Fiat-Chrysler (FCHA.MI), applauded the deal, saying it would keep north American automotive manufacturing competitive and included a first-ever provision to address currency manipulation..

“However, we remain concerned that the continued imposition of steel and aluminum tariffs on Canada and Mexico will undermine the benefits of the USMCA,” added Blunt, who heads the American Automotive Policy Council. Foreign brand automakers have expressed concerns that the new rules of origin, which require more high-value content be produced in the United States or Canada, will be too burdensome. BDI, Germany’s main industry association, said in a statement that the autos rules of origin were “a retrograde step compared with NAFTA.”.

BUENOS AIRES (Reuters) - Japanese Prime Minister Shinzo Abe told French pewter rhode island cufflinks President Emmanuel Macron on Friday that the future of the Renault-Nissan alliance was up to private shareholders, a spokesman for the Japanese leader said, “Prime Minister Abe said regarding the alliance, which is a symbol of Japanese-French industrial cooperation, it is important to maintain a stable relationship,” the spokesman told reporters in Buenos Aires, where Abe and Macron met on the sidelines of the G20 summit..

NEW YORK (Reuters) - Oil prices retreated on Friday amid a global glut, racking up a 20 percent drop for November, while world equity markets were mixed ahead of weekend talks between U.S. President Donald Trump and Chinese leader Xi Jinping. U.S. shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks. “Consensus is steadily increasing,” Wang Xiaolong, director general of the Chinese Foreign Ministry’s department of international economic affairs, told Reuters on the sidelines of the summit.

The S&P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the U.S, Federal Reserve hinted this week at a more dovish approach to interest rate hikes, [.N], In Europe, Frankfurt’s DAX had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank’s headquarters for a second day in a money laundering scandal linked to the Panama Papers, MSCI’s gauge of stocks pewter rhode island cufflinks across the globe shed 0.10 percent, while the pan-European STOXX 600 index lost 0.17 percent..

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