Morneau, speaking to a NY event arranged by Politico, also said it was clear that a negotiating process was starting in the United States which he hoped would lead to Congressional ratification of a new pact created to replace the North American Free Trade Agreement.
Trump, along with Canadian Prime Minister Justin Trudeau and outgoing Mexican President Enrique Peña Nieto signed a new pact succeeding more than a year's debate.
According to the American Farm Bureau Federation, agricultural exports to Canada and Mexico increased from $8.9 billion to $39 billion under NAFTA.
President Donald Trump coerced Congress to accept his contemporary trade deal with Canada and Mexico, elucidating he proposes to eliminate the authentic North American Free Trade Agreement. "Congress will have a choice of the USMCA or pre-NAFTA, which worked very well".
If the president follows through on his threat, congressional leaders will have six months to pass the measure.
The U.S. national day of mourning for President George H.W. Bush on Wednesday has delayed the release of public and private economic data as well as widely anticipated testimony to lawmakers by Federal Reserve Chairman Jerome Powell, Bloomberg News reports.
Tweeps share chaotic scenes of muggings after Global Citizen Festival
The witness accounts of thieves brazenly assaulting a crowd shocked many South Africans, even in a country with a high rate of violent crime.
The agreement, if approved, would be for five years, but Crawford thinks that is a mistake. MacNaughton said Canadian diplomats will rev up their machine to lobby members of Congress for their support.
Shortly after Friday's signing, U.S. Trade Representative Robert Lighthizer insisted that the deal was negotiated with bipartisan support from both Democrats and Republicans, and expressed confidence it would survive the congressional approval process.
The new deal has, however, generated a groundswell of opposition from lawmakers especially the Democrats, who will take control of the House in January, making a smooth passage unlikely.
"What isn't in it yet is enough enforcement reassurances regarding workers, provisions that relate to workers and to the environment", she said.
Not even all Republicans in Congress are on board just yet.