Rep. Lee Zeldin, R-N.Y., discusses the Trump administration’s overhaul of the Clinton-era NAFTA.
The United States, Mexico and Canada have reached a historic trade deal.
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“There is no question, of course, that this trade agreement is much better than NAFTA,” House Speaker Nancy Pelosi, D-Calif., said at a press conference announcing her caucus’s support of the agreement. Major U.S. stock indexes turned positive after the announcement.
U.S. Trade Representative Robert Lighthizer and Senior White House Adviser Jared Kushner and Canadian Deputy Prime Minister Chrystia Freeland are expected to be in Mexico City on Tuesday for a signing ceremony.
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The deal must now be ratified by all three countries. A House vote will occur next week.
DEMOCRATS DELAYING USMCA ‘COST THE ECONOMY BILLIONS OF DOLLARS’: WILBUR ROSS
USMCA “will be the best and most important trade deal ever made by the USA,” President Trump tweeted Tuesday.
The USMCA, which overhauls the Clinton-era North American Free Trade Agreement, commonly known as NAFTA, requires 75 percent of automobile components be manufactured in the United States, Canada and Mexico in order to avoid tariffs, and that 40 to 45 percent of automobile parts be made by workers who earn at least $16 an hour by 2023.
The deal was endorsed by the AFL-CIO labor union.
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USMCA is expected to create “north of 176,000 new jobs” and inject $34 billion into the U.S. auto industry, Commerce Secretary Wilbur Ross told FOX Business’ Maria Bartiromo, citing International Trade Commission data. He added that as many as 589,000 new jobs could be created within five years.
“Every day that it isn’t approved is a day delayed and the benefits to America,” Ross said.
FOX Business’ Edward Lawrence broke the news that a USMCA agreement was reached. Bartiromo was first to report the deal would come together this year.
This story is developing. Check back for updates.
