Trump signs US-Mexico-Canada trade deal

The new bipartisan trade agreement replaces NAFTA.
5:38 | 01/29/20

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Transcript for Trump signs US-Mexico-Canada trade deal
After nafta's adoption more than 25 years ago the United States lost nearly 14 of all of its manufacturing jobs. Including more than one in five vehicle manufacturing. Jobs think of that. One in five jobs lost so needlessly. Thousands of factories were shattered. Millions of manufacturing jobs were destroyed. An entire communities were devastated from Ohio. To Pennsylvania Michigan to Maine and California to North Carolina devastated. Two decades of politicians ran for office vowing to replace to NAFTA. And this was a catastrophe than NAFTA and catastrophe. Yet once elected they never even tried they never even gave it a shot. They sold out. What I'm not like those other politicians I guess in many ways I keep my promises and I'm fighting for the American worker. And we're all fighting for the American worker and everybody here is fighting for the American worker. This agreement is a tremendous breakthrough for American agriculture. Canada will finally provide greater access. For American Dairy Canada's opening up. It will grow annual exports to our neighbors by an estimated 315. Million dollars. Poultry exports to Canada are expected to rise by at least 50%. And eight export could increase by 500. Percent whereas the Canadian folks who are a thing. Guys did a good job on us before this deal out that's. That it was very tough but they're good they're reference so we appreciate it. Very importantly Canada will finally give fair treatment to American grown wheat. The US MCA is also a massive win for American manufacturers. And auto workers. Under NAFTA companies were given huge incentives to produce cars in foreign countries and ship them to America tax rate. No tax no nothing. We lost our jobs we closed our factories and other countries don't talk cars. We've changed that and we're now setting records the US MCH closes these terrible loopholes. And include strong provisions to ensure that new cars are fashioned by American tinge it's a tense Ewart of saying built. And manufactured. When the American labor we have some of the great labor leaders here right now I think James Hoffa was James Huff. Games thank you very much. There. Thank you James very much screw it. Fiat Chrysler's already investing four point five billion dollars in creating 6500. New jobs in Michigan. And opening up the first new Detroit plant in more than thirty years. And we have a lot of them happening. Florida is putting in one point five billion dollars in creating 3000 new jobs well GM is investing 2.2 billion dollars in creating 2200. New jobs. In Michigan. To build vehicles. The future and I believe we have the chairman and president of the bosses at those two companies please marry where's Mary. Mary Vera thank you very much. And Ford thank you very much we appreciate it. What a great please stand Obama for that kind of money anything over two billion you're allowed to stand. Anything over two billion otherwise we don't have you stand thank you. Thank you both very. Steel Dynamics is Billy gay one point nine billion dollar flat rolled steel mill near Corpus Christi. An international auto makers are pouring 25 billion dollars. Into the United States creating 50000. New American jobs at a minimum. They are all investing and any future. Where we buy higher. And drive American cars again I like that. It's very important part of it. Mexico had chatted have agreed to new labor protections. That my administration negotiated the US MCA is the first trade deal in nearly two decades endorsed by the they have of LC IO thank you very much. I was cut. Thank you. The US MCA contains critical protections for intellectual property including trade secrets digital services. And financial services. It establishes new standards and safeguards protecting the environment. And parents see stability something that has been on my mind for a lot of years long before I got a year. What they've done to us with currency is crazy. It includes protections for American made fibers yarns and fabrics boosting the US textile industry. By numbers that you won't even believe you'll see them soon.

This transcript has been automatically generated and may not be 100% accurate.

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