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Investing.com-- U.S. President Donald Trump’s administration is preparing to begin renegotiating the U.S.-Mexico-Canada free trade deal, the Wall Street Journal reported on Thursday evening.
The Office of the U.S. Trade Representatives will begin public hearings on renegotiating the deal, and faces an October 4. Deadline to do so. The agency could issue a request for comment from companies and unions by as soon as this week, the WSJ reported, citing people familiar with the administration’s thinking.
But the consultations will only be the first official act in what is likely seen as a monthslong process in renegotiating the deal, which Trump had signed in 2020.
The USMCA deal had replaced the 1992 North American Free Trade Agreement, and was one of the key trade achievements of Trump’s first term.
But the president has somewhat undermined the agreement by imposing and scaling back steep trade tariffs against Canada and Mexico this year.