The U.S. Senate passed the long-awaited U.S.-Mexico-Canada trade deal with an overwhelming 89-10 vote, a day after President Donald Trump signed a Phase 1 trade deal with China
WASHINGTON - The U.S. Senate on Thursday approved a revamp of the 26-year-old North American Free Trade Agreement that includes tougher rules on labor and automotive content but leaves $1.2 trillion in annual U.S.-Mexico-Canada trade flows largely unchanged.
The Senate vote came a day after Trump signed a long-awaited Phase 1 trade deal with China, and shortly before the Senate formally began the impeachment trial of Trump on charges that he abused his power. On Wednesday, Mnuchin told Fox News that interim trade deal with China and passage of USMCA would boost growth of the U.S. gross domestic product by 50 to 75 basis points.
Employees work at Ark de Mexico, an assembly factory that makes wire harnesses and electric components for the automobile industry, in Ciudad Juarez, Mexico June 25, 2019. REUTERS/Jose Luis Gonzalez The AFL-CIO union federation, which represents some 12.5 million workers across the United States, estimates that some 851,700 U.S. jobs were lost to Mexico because of NAFTA.
Industry groups hailed the trade agreement and said it would provide sorely needed certainty to revive investment flows.Canada’s parliament does not return to session until Jan. 27, so the scheduling of a vote there remains unclear. But USMCA is expected to see little resistance in Canada, as Conservatives have said they would back the deal negotiated earlier by Prime Minister Justin Trudeau’s Liberal-dominated government.
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