President Trump is one step closer to getting a new trade deal with Canada and Mexico.
But he has many, many more steps to go.
On Wednesday, Trump’s trade team officially begins renegotiating the North American Free Trade Agreement, the three-nation pact that went into effect in 1994.
A new NAFTA will probably take more than a year to enact, and possibly longer, depending on negotiations and political forces in the three countries.
Here are the other milestones required by law, according to the Trade Benefits America Coalition, a group supported by dozens of large business associations and Fortune 500 firms, including Microsoft(MSFT, Tech30) and Walmart. (WMT)
This is where we are now
1. Talks begin Wednesday. The first round is in Washington, and future ones will be in Canada and Mexico. Talks are expected to go until about the end of the year or early 2018 — assuming all three sides come to an agreement, which is not guaranteed.
Before Trump can sign the deal
2. 180 days before signing the deal, Trump’s team must submit a report to the congressional committees on the potential changes to U.S. trade law.
3. 90 days before inking it, Trump must notify all of Congress about his intent to sign the deal. On the same day he must give the details of the agreement to the U.S. International Trade Committee, an independent panel of judges.
4. 60 days before signing the deal, Trump’s team must publish the text on the website of the U.S. Trade Representative.
Before Congress gets the deal
5. President Trump can sign the deal.
6. 60 days after entering the agreement, the administration must provide a public description of the changes to U.S. laws in order to bring the U.S. into compliance with the deal.
7. 105 days after Trump signs it, the ITC publishes a report assessing the economic impacts of the revised deal.