Yesterday, President Trump signed the United States-Mexico-Canada (USMCA) Trade Agreement into law. The President continues to deliver for the American people as the USMCA Agreement fulfills another major promise to negotiate better trade deals for our citizenry.
“This is a colossal victory for our farmers and ranchers,” said Trump at the ceremony. “Everybody said this was a deal that could not be done, but we got it done.”
The USMCA Agreement is, in essence, a reboot of the North American Free Trade Agreement that has governed trade between the United States and its neighbors since 1994. The new deal will raise wages, create thousands of jobs, and promote overall economic growth.
The USMCA – which is the biggest trade deal of all-time – includes more than $1.3 trillion of commerce and is the second major trade deal secured by the Trump administration this year. The agreement has already been ratified by Mexico, but not yet by Canada.
“You’re going to see more jobs all across the economy, in the automobile sector, in the agricultural sector and of course in the energy sector as well,” Energy Secretary Dan Brouillette told FOX Business’ Maria Bartiromo on Wednesday.
Specifically, the President’s focus on this freer and fairer trade deal will create 176,000 new jobs and add $68.2 billion to the economy, and Americans – including farmers, ranchers, manufacturers, and other industries – will reap the benefits.
Once fully implemented, the USMCA is expected to lift U.S. gross domestic product by as many as 1.2 percentage points and create up to 589,000 jobs, according to the International Trade Commission.
Despite the United States reaching a deal with Mexico, Canada, and North American partners in 2018, it encountered partisan resistance which took a full year to move forward on it. Nevertheless, since October, President Trump has signed deals with our four largest trading partners: Japan, China, Mexico & Canada.
President Trump is delivering on his promise of delivering better trade deals, and American workers will reap the benefits. At the signing Trump proudly declared, “We’re restoring America’s industrial might like never before,”