New Nafta is not the huge win that Trump claims

DONALD Trump on Monday celebrated the new Nafta deal, to be known as the United States-Mexico-Canada Agreement (USMCA), as "wonderful" and a "historic transaction!" The breakthrough, coming when Canada cut into an accord agreed by Mexico and the United States, buoyed financial markets and may provide a fillip for multilateralism too.

However, while Mr Trump has claimed that the renegotiation is a huge political and economic win for his America First approach, the fina…