Morneau says Canada takes Trump’s intention of terminating NAFTA seriously

Donald Trump says he'll terminate Nafta

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

Federal Finance Minister Bill Morneau says Canada takes seriously comments made by U.S. President Donald Trump about withdrawing from the North American Free Trade Agreement. We get rid of NAFTA.

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".

Trump's decision to set in motion a possible end to largely free trade in North America comes amid some scepticism from Democrats about the new trade deal.

Rep. Nancy Pelosi (D-Calif.), who is presumed to be the next speaker of the House of Representatives, indicated Friday that House Democrats weren't ready to give their support to this deal yet.

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The US Chamber of Commerce said a year ago that exiting NAFTA without a new deal could devastate American agriculture, cost hundreds of thousands of jobs and "be an economic, political and national-security disaster". While Congress does need to approve the implementation of a trade deal, some experts say that the Trade Act of 1974 gives to president authority to pull out of such deals on his own.

Trump had vowed to revamp NAFTA during his 2016 presidential election campaign.

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.

The three were still bickering over the finer points of the deal just hours before officials were due to sit down and sign it.

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President Donald Trump, Canada's Prime Minister Justin Trudeau, right, and Mexico's President Enrique Pena Nieto, left, participate in the USMCA signing ceremony, Friday, Nov. 30, 2018 in Buenos Aires, Argentina.

"This new agreement will ensure a future of prosperity and innovation for Mexico, Canada, and the United States", Trump said before signing the USMCA on Friday.

Asked whether Canada took Trump's comments seriously, Morneau replied: "We take everything seriously".

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