June 10, 202612:07 PM EDT:
WASHINGTON, June 10 (Reuters) - U.S. President Donald Trump said on Wednesday that he might not renew the USMCA free trade deal with Canada and Mexico. Speaking at the White House, the president said he was discussing the matter with Mexican and Canadian leaders.
Reporting by Bo Erickson and Gram Slattery; Editing by Doina Chiacu
archive.org archive link: https://web.archive.org/save/https%3A%2F%2Fwww.reuters.com%2Fworld%2Ftrump-says-he-might-not-renew-usmca-2026-06-10%2F
He’s following the same stupid playbook his whole life: pretend you dont want the deal, shit on everything.
Meanwhile… it’s 2026 and Canada and Mexico just need to kick the ball forward for 24 months. You think someone who won a FIFA medal would appreciate that.
Almost certainly the dumbest president the USA has ever had.
And that includes Wilson after his stroke, and Kennedy after he was shot.
The free trade deals with low income countries should be renegotiated. Obviously prez is the last one to improve them. But the part about investors being able to sue a country for lost profits if government cancels their business plans needs to be removed as well.
This is a union issue, and a human rights issue. The president co opted it, and now every dumbass liberal defends the unfair trade system because the dumbass president is crittizing it. And that’s why liberal fucking lose.
Allowing foreign countries to let our corporations outsource labor and pay them starvation wages and pollute to sell those goods back here has destroyed this country, and handed the previous gains of working people back to the bosses.
There should be no tariffs on goods from countries with adequate labor, environmental, and human rights standards, candad and europe there should be none. SE asia, and mexico even, pay your workers and don’t dump pollution or face penalties, is what we should want. To lift up foreign workers, not exploit them.
MCA it is then.
Nah. Let’s get Yemen on-board. The theme song is already there.
Should be MCCA Mexico Cuba Canada Agreement if I had my way anyway
“The three countries need to approve a renewal of their existing agreement by July 1 or signal their intention to exit the pact, a process that would take 10 years and would buy time for alterations.”
I feel like nobody is understanding this part
Why assume that they will abide by that?
If the rules of the agreement don’t matter anyway, then why is Trump bothering to talk about not renewing it?
then why is Trump bothering to talk about not renewing it?
Because he has a pathological need to see his name in the headlines on a daily basis.
Today’s edition of: Trump Said Something Dumb Again For Attention
More like market manipulation for personal gain.
It was and still is the most obvious conclusion of this struggle. He’s a person who hates free trade, and it’s a free trade agreement.
The game for our federal government has basically been to trick him into signing on anyway, or at least delay him leaving.
It was NAFTA then he cancelled that and created a new agreement in his first term, now he doesn’t like his own deal. This guy is literally the worst
He doesn’t hate free trade, he believes in nothing. Bannon saw how to win and he made it happen. The neo liberals abandoned labor for the oligarchs and embraced unfair trade with low wage countries to underpay workers and dump pollution, build cheap and sell high.
The president did an end run around the neo liberals on the left, and that’s how he won. Get your heads out of the ass of wall street or continue to enjoy fascists calling the shots. First in the US, it’s spreading, you aren’t special either.
And we need to steel ourselves for the “CARNEY DID IT - TINY PP WOULD HAVE BROUGHT IT HOME NOW WE CAN’T HAVE KRISPY KREME AND CHICK-FIL-A …” - I think people don’t fully appreciate that the only way to divest ourselves from Trump’s insanity and vagaries w.r.t. oh anything is to make new friends, new alliances, and accept the extreme difficulty that comes with that which means Depression-era relief and strong investment in other partners and no, this won’t bear fruit in one election cycle or even one quarter, not even in one year. In today’s misinformation hellhole people literally hang on to every even vague word and go into a rage if their cable bill isn’t lowered. There’s no easy way to do this.
You do realize that 75% of our exports go to the US. You can’t just do a 180 and replace that - it will take years and throw Canada into a recession. This isn’t about your disney bill, this is about 10’s of thousands of jobs.
Then we need to plan for a renovation of our job system. We can’t support human rights and fair trade for the only reason of people will lose their job?
Then we need to making losing your job not cause a recession. Provide all Canadians food shelter and clothing. At the cost of taxes on every dime made by any business in Canada as well as international trade on natural resources removed from Canada.
This would hurt for a while but Canada would be a super power if all of us only worked because we wanted to.
Think about how much it would actually cost to employ someone as a small business owner/new entrepreneur etc if the the wages offered not needed to consider cost of living and only for excess and entertainment.
We saw from CERB and other programs how beneficial people having money to spend is. It’s so dumb that the powers that be are so blind.
Yes it will take time pain and numerous renditions to get this new way of living working and there will be a period of adjustment.
But there will be no incentive to sell your body in sex work just to survive.
There will be no reason to stay in an abusive relationship if you can afford to live on your own just because you want to.
It will provide an opportunity for people to move literally anywhere they want in Canada and just live there, spending money in those communities.
Those communities can grow and spend their time and effort on building a better place to live, instead of just figuring out how to help people survive
Arts culture education research all of these things will benefit from a glut of people who just want to be there and not because they feel forced to be there.
I’ll lead this thing if you need me to, I would do it if no one else can see my vision, but I absolutely don’t give a shit about any established business that might go kaput as we transition
Why bother reporting what Trump says? It’s not usable information unless it’s said to manipulate markets.
But it was said to manipulate markets…
Hmm, are you actually trading on this, then?
I’ve been looking at oil futures actually believing Trump, and then correcting back when he’s full of shit, and thinking maybe this is a rare case where the market could be timed.
Oh, god, don’t trade on anything he says. The trades have already happened, they could be lining up a short right after selling their longs, or vice versa, and then he’ll say something else to send it in the opposite direction.
Yeah, usually that’s true of anything you could trade on. Either the facts are already priced in or the irrationality could last longer than any available options contract (like with the AI bubble).
If I had been trading at certain critical moments recently I would have made a profit, though.
I’ve tried the George Costanza Investment Method: I do exactly the opposite of what I actually think I should do, and make money. Unfortunately, I don’t apply it often enough.
That would be cataclysmic for the economy of all three nations. Truly an unforced error. I really think it’s just bluster though.
So what you’re saying is we should all be preparing for the worst because doing the absolute worst most self-destructive thing possible is exactly what Trump does in almost every circumstance and always has.
Yes regardless of bluster or not we should be divesting from US trade and diversifying with other partners.
He’s saying it because he thinks he can get more concessions from both countries if he threatens to tank the deal.
It’s like negotiating with a terrorist. It is all in bad faith and his goal is to terrorize, not make a deal. His deals are not even worth the paper they are printed on. We should tell them to pound sand, they will only make a deal that is a zero-sum where they are in the positive.
We should primarily not respond to Trump or the US ambassador’s inflammatory remarks and keep finding new trading partners. Any verbal emotion based reaction serves as an excuse for them to do something against our existing trade with them.
It’s not bluster, the moron wants to end free trade with everyone in favour of his tariff regime.
Particularly Mexico. We have options, at least.
CUSMA is going away and while business won’t end between the US and Canada, it will plummet. Look to CETA/CPTPP/MERCOSUR, and our other FTA’s for growth. Alter your supply chains away from the US, reduce the pressure point leverage they have. Don’t view this as doom and gloom, but as a time to pivot and woo the opportunities the US chases away. We have what the world needs.
And Canada cheered, hopefully our politicians are able to find a way out of it before that though.
MCA it is.
Like the TPP, the problems went away as soon as the US left.
While this would be pretty awful in the short term, both Canada and the US would greatly benefit long term from bringing heavy manufacturing back to each respective country from Mexico. Mexico would be pretty fucked though, since they’ve been the primary beneficiary of both NAFTA and USMCA (comparatively, excluding us companies.)
So basically, you agree with Trump. When you buy stuff from a foreign country you’re losing.
In this instance, I agree with the affectation he has decided to cosplay for entirely different reasons against the advice of all of his corporate masters.
When you buy from a foreign country what can be made in your country, you are directly causing the loss of well-paid jobs in your country, and aiding the exploitation of a developing country (statistically.)
There’s a reason China has done so well while the entirety of the western world has become worse for the average inhabitant. Every time a job is outsourced, every time you buy that foreign thing that could’ve been made at home, you are directly enriching another country and that money will never be seen in your country ever again. You do that enough times and hey, you have stretches of countryside full of small ghost towns that decayed after the employer had to shut down, and no social mobility.
One could argue, but it’d basically be repeating all the same free trade debates that have happened in the past. Anyone unfamiliar with the usual counterargument can search “balance of payments” or “comparative advantage”. TL;DR, it has to do with how those Canadian dollars you spent on whatever exporter eventually come back to the mint.
What might be news to people, since you mentioned it, is that China’s had a more severe K-shaped economy since about 2000. Sure, they have manufacturing jobs… that you’ll never, ever work your way out of. And then a few million people out of 1.5 billion who have the connections, and can afford a Western-ish style of living.
Except the purpose isn’t social mobility for most Chinese people. Remember the ‘躺平’ ‘lie flat’ propaganda movement the west loved talking about a few years ago? Yeah that wasn’t new, or temporary, nor did it ever go away (and no it’s not illegal). That’s just how most Chinese people have been seeing life after getting up to ‘western’ standards (I would argue a roof, consistent meals, cheap electronics, and free healthcare is closer to the western standard than not, and that covers ~900 million people.) Yes there is a rising upper middle and upper class, but also the living standards of the bottom 50% are better than more than 150 countries and that’s rising just about as quickly.
These facts skew the traditional western reporting of economic health, because western economists assume everyone wants to grow infinitely, and that’s just not the case.
Suuure. Chinese people enjoy the fact that all the money is going to their rich. /s
and [lower income Chinese standards are] rising just about as quickly.
No, they’re not, that’s what K-shaped means.
would either of you care to share unbiased evidence supporting your statements?
The World Inequality Database. I’d do a TL;DR, but I’d be reinventing the wheel.
It’s important to know this is about wealth, while @avidamoeba@lemmy.ca is going by income. If you’re out to defend China, you could say sure, they own less and less but the government will look after them, and make sure wages stay high. If that’s a good bet in light of history is another question.
Manufacturing wages sit at 113.5K CNY. Purchase power parity factor is 3.53. That means those wages are equivalent to what US $32K per year buys you in the US. The trend is for this to grow 4-6% per year. Don’t know if Chinese welfare and high housing ownership is factored in.
https://tradingeconomics.com/china/wages-in-manufacturing https://data.worldbank.org/indicator/PA.NUS.PPP?locations=CN
K-shaped means the bottom half (or some large threshold) is getting poorer. China’s bottom half appears to have rapidly growing real wages, while the top is growing faster. Most western bottom halves were fine with this arrangement, until their real wages stopped growing in the 70-80s.
I’m not super happy with either scenario but there’s a reason the majority was okay with it for decades. That was the whole deal in the New Deal.
You’re right actually, now that I check it looks like the proportional drop is big but not faster than their historical growth. That big growth means until recently it’s more ramp shaped in absolute terms.
IIRC the wealth of the bottom half actually went up proportionally during the New Deal/post-WWII, although that’s about the only peacetime period it’s ever happened in. Not sure about income, although I’d guess the same.
Suuure. Chinese people enjoy the fact that all the money is going to their rich. /s
Not what I said, I did say they enjoy owning their own home, basically ensuring they will never be homeless since there’s no property taxes after the property is purchased, and they do enjoy the welfare system that allows them to eat and enjoy their free time regardless of their current employment status.
No, they’re not, that’s what K-shaped means.
Then whatever propaganda rag you got your information from is outdated as of 2023, but I think you kinda know that.
There’s your problem, the subject and verb in that sentence never align
