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Tuesday, August 4, 2020

USMCA Replaces NAFTA as Trump Delivers on One of Biggest Promises

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The U.S.-Mexico-Canada (USMCA) trade agreement formally replaced the North American Free Trade Agreement (NAFTA) on Wednesday, meaning that President Donald Trump has now officially completed one of the biggest promises of his insurgent 2016 campaign.

Commemorating the occasion, President Trump issued a lengthy statement laying out the success:

When I ran for President, I made a solemn promise to the American people that I would end the job-killing failure called the North American Free Trade Agreement (NAFTA) and replace it with a better deal for our workers, farmers, ranchers, and businesses—the men and women of Main Street who built the most prosperous and equitable economy in human history,” Trump said. “Today, with NAFTA ending forever and the United States-Mexico-Canada Agreement (USMCA) entering into full force, our grateful Nation pays tribute to America’s workers and celebrates their ability to overcome decades of bad deals and failed policies. The USMCA is the largest, fairest, and most balanced trade agreement ever negotiated and contains innovative provisions to help grow the economy and support American jobs. It is a tremendous victory for our manufacturers and autoworkers, meaning more cars and trucks will be produced in the United States. The USMCA is also a historic breakthrough for American agriculture.  Canada will provide greater access for American dairy products, poultry, and eggs, and finally give fair treatment to American-grown wheat. In addition, the USMCA includes groundbreaking provisions to address digital trade, services, small business, and more, which will protect America’s competitive edge in technology and innovation.

Trump’s statement continued by thanking Congress for approving the deal, which it did with huge bipartisan majorities in both chambers. The USMCA passed the U.S. Senate last year 89-10, a sign of massive bipartisan support. Then, later, it passed the U.S. House 385-41, another strong bipartisan showing. Trump said:

The strong and overwhelming support the USMCA received from both parties in Congress—as well as from labor unions, business organizations, and champions of agriculture—shows just how much this trade agreement will benefit all Americans.  Hundreds of thousands of jobs will be added to the economy,” Trump said. “The United States appreciates the efforts of our partners in Mexico and Canada to ensure that North America is strengthening its economic ties while working to combat the coronavirus pandemic. To mark this historic achievement, I look forward to welcoming President Andres Manuel Lopez Obrador of Mexico to the White House on July 8, 2020, to continue our important dialogue on trade, health, and other issues central to our regional prosperity and security.

Kayleigh McEnany, the White House press secretary, issued her own statement as wel, praising the jobs that will be created as a result of the USMCA going into effect. She said:

Today, the United States-Mexico-Canada Agreement (USMCA) will go into effect. Thanks to the bold leadership of President Trump, the agreement will mean stronger economic growth, more jobs for American workers, and fairer trade for our country. President Trump has delivered for American manufacturers, farmers, businesses, and workers. The agreement will drive job creation and includes the strongest, most advanced, and comprehensive set of labor provisions of any United States trade agreement. American farmers will have access to fairer markets in Canada and Mexico, opening up more opportunities to export their goods. USMCA will strengthen American manufacturing, including incentivizing investment in high paying auto manufacturing jobs here in the United States. Just as promised, President Trump is replacing the disastrous North American Free Trade Agreement, which drove American jobs overseas for years. USMCA is a fair deal for American workers and finally brings our trade relationship with Canada and Mexico into the 21st century.

The International Trade Commission estimates that the USMCA will create between 176,000 and 589,000 jobs in America. In automotive manufacturing alone, the U.S. Trade Representative’s office estimates, there will be another $34 billion in investments and 76,000 new jobs for Americans. The U.S. Trade Representative’s office also says that several restrictions from Canada on American dairy, wheat, and wine producers end as a result of USMCA as well.

Breitbart

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