Commerce Secretary Wilbur Ross discusses the alterations made to the USMCA deal by the House and the timing of a vote on the trade pact.
The United States, Mexico and Canada are closing in a historic trade deal.
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“We’re within inches, maybe millimeters of a deal,” Commerce Secretary Wilbur Ross told FOX Business’ Maria Bartiromo. “This is the largest trade deal in the history, not just in the U.S., but as far as I can tell of the whole world.”
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The USMCA is expected to create “north of 176,000 new jobs” and give a $34 billion boost to the auto industry, Ross said, citing International Trade Commission data. The agreement pushed by President Trump may create as many as 589,000 new jobs in five years.
Tweaks to the original agreement were made in the areas of labor enforcement, digital commerce and the amount of protection biologics would receive against generics.
A House vote would need to occur this week to ensure passage by year’s end, Ross said.
U.S. Trade Representative Robert Lightheizer and Senior White House Adviser Jared Kushner and Canadian Deputy Prime Minister Chrystia Freeland are in Mexico on Tuesday for a signing ceremony.
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“Every day that it isn’t approved is a day delayed and the benefits to America,” Ross said.
