According to various news reports, the US, Canada and Mexico are set to sign the new USMCA trade agreement Friday in Buenos Aires, Argentina, at the start of the Group of 20 summit. The agreement would still need ratification in Congress to take effect, but Canada and Mexico are reportedly still “at odds” with the US over Section 232 tariffs on steel and aluminum.
Lawyers for the countries are still reportedly finalizing and translating the text of the agreement, and despite any signing ceremony, the negotiation process could be ongoing. The US has at least 30 days to submit the final text of the deal to Congress, which will then vote on the deal.
"As is always the case with these agreements, there are always details to be finalized and we are very hard at work doing that," Canada’s Foreign Minister Chrystia Freeland told reporters in Buenos Aires. "We’re just being sure that all the Is are dotted, all the Ts are crossed.”
The US has been reportedly pushing Canada and Mexico to accept a quota in exchange for lifting the tariffs. News reports say Mexico might be willing to agree to quotas, but Canada has consistently demanded the removal of all tariffs, without a quota contingency.
The trade agreement would overhaul rules affecting many sectors of the economy, including requiring more high-wage content in auto manufacturing, opening Canada’s protected dairy market and allowing more duty-free shipments into Canada and Mexico.