An agreement for the United States, Mexico and Canada trade deal has been reached.
“There is no question, of course, that this trade agreement is much better than NAFTA,” House Speaker Nancy Pelosi said at a press conference.
“America’s great USMCA Trade Bill is looking good. It will be the best and most important trade deal ever made by the USA. Good for everybody - Farmers, Manufacturers, Energy, Unions - tremendous support. Importantly, we will finally end our Country’s worst Trade Deal, NAFTA!” President Trump tweeted this morning.
The deal now needs to officially ratified by all three countries. A House vote in the United States is set for next week and congressional passage “will be a significant win for farmers, workers and all Americans,” according Sen. Chuck Grassley of Iowa.
According to to Tom Linebarger, the chairman of the Business Roundtable’s trade and international committee, more than 12 million American jobs depend on our $1.4 trillion trading relationship with Canada and Mexico, and USMCA will strengthen that trade relationship.
“It will deliver a measure of certainty farmers badly need right now,” said Angela Hofmann, co-director of the advocacy group Farmers for Free Trade told Fox Business. “Now it’s time to get the bill passed before politics can get in the way. Farmers and ranchers will be watching closely to ensure that their members of Congress are standing up for American agriculture.”
USMCA is expected to create up to around 600,000 over the next five years.
A signing ceremony for the agreement is is expected to take place in Mexico City.