US Trade Update: USMCA Signed
Chris Sevcik, Director of International Trade Services, WTCGP
President Trump signed the USMCA today. The USMCA aims to build on NAFTA by strengthening the alliance and ensuring all parties benefit. Mexico has already ratified the agreement. Canada, long insisting it would wait for US approval before proceeding, still must ratify the new agreement and then Canada, Mexico and the US must meet their obligations before the deal takes effect.
The US International Trade Commission estimates that “USMCA would raise U.S. GDP by $68.2B and us employment by 176,000 jobs.” They go on to state that “US exports to Canada and Mexico would increase by $19.1B (5.9%) and $14.2B (6.7%), respectively.” This projected increase in GDP and jobs for Americans allowed for the Senate to pass the bill overwhelmingly with an 89-10 vote.
Major areas of change:
Approved with bi-partisan support, USMCA will benefit companies across North America, create jobs and boost GDPs.
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