A new era of trade is unfolding as the United States-Mexico-Canada Agreement (USMCA) goes into effect today.
As U.S. Trade Representative Robert Lighthizer penned in the Pittsburgh Tribune Review: USMCA, Replacing NAFTA, is the Model for All Future Trade Agreements
The new United States-Mexico-Canada Agreement (USMCA) — which goes into effect on July 1 — is designed to create more manufacturing jobs in the U.S., secure greater access for American exports, and enhance America’s leadership in technology and innovation. The overwhelming vote of support the USMCA received in Congress — more votes than any other trade agreement — is further proof that Trump has succeeded in charting a bold new course for America’s trade policy. … Put NAFTA and the USMCA side-by-side and it is clear the USMCA is a far better trade deal for America’s workers, farmers, ranchers and businesses. According to the International Trade Commission (ITC), the USMCA will increase U.S. employment by 176,000 jobs. Its positive impact on our Gross Domestic Product will be more than double what the ITC projected for the multilateral Trans-Pacific Partnership .In short, with the USMCA we will have stronger economic growth and more jobs. As our nation fights to recover from covid-19, nothing could be more important. Finally, an American president has delivered on his promises.”
In October 2018, President Trump negotiated and fought for better trade policies that create jobs and works for the American people. The USMCA overwhelmingly garnered the support of Congress receiving more votes than any prior trade agreement, with ultimate passage last year.
Where NAFTA cost America 850,000 jobs, the USMCA is projected to create up to 589,000 new jobs and upwards of $34 billion of investment in the U.S. auto industry.
Joe Biden got it wrong when he voted for the passage of NAFTA that killed jobs and increased our trade deficits.
In the Senate, Biden even boasted about a Delaware Chrysler plant that would benefit from the deal but ended up closing their doors due to NAFTA. That’s a mistake American families can’t afford.
President Trump’s bold economic agenda puts America first. The USMCA is an example of his commitment to modernizing agreements that help us win.
The President is providing more economic opportunity with the best yet to come. He understands that America needs a great comeback from the forced COVID-19 shutdown and with the USMCA will bring jobs back and revitalize our economy again.