Flags of the U.S., Canada and Mexico fly next to each other in Detroit, Michigan, U.S. August 29, 2018. REUTERS/Rebecca Cook
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U.S. President Donald Trump Monday said a new free trade agreement with Canada and Mexico would support hundreds of thousands of U.S. jobs, marking it as a victory in his push to reshape the lines of global commerce. Financial markets breathed a sigh of relief that the United States and Canada had reached a last-minute deal Sunday to preserve a single trading zone in North America after serious worries it could fragment under Trump's trade pressures.The deal is a reworking of the 1994 North American Free Trade Agreement, which underpins $1.2 trillion in trade between the three countries. The new United States-Mexico-Canada Agreement is aimed at bringing more jobs into the United States, with Canada and Mexico accepting more restrictive commerce with the United States, their main export partner.While changing NAFTA and bringing down U.S. trade deficits was a top Trump campaign pledge, Sunday's agreement largely leaves the broader deal intact and maintains supply chains that would have been fractured under weaker bilateral deals.Trump vowed during his 2016 presidential campaign to tear up current U.S. trade deals, which he blamed for a loss of American manufacturing jobs.
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