Retailers applaud new trade agreement

The National Retail Federation (NRF) yesterday praised the new trade agreement between the United States, Canada and Mexico.

NRF officials had expressed concern over the past year about the future of trade between the three nations, as negotiations to update the North American Free Trade Agreement (NAFTA) grew tense.

"We are pleased a deal has been reached that preserves NAFTA's trilateral framework, which is critical to protecting North American supply chains that support millions of American jobs," said NRF President and Chief Executive Officer Matthew Shay. "The administration, as well as officials from Canada and Mexico, should be applauded for months of hard work aimed at modernizing NAFTA for the 21st century — a goal retailers have shared from the start."

The NRF will review the pact's details "to ensure it promotes U.S. economic growth and maintains access to the products American families need at the prices they can afford," Shay added.