After promising to renegotiate NAFTA on the
campaign trail and during his time in the White House, President Trump has
delivered.
At the G20 Summit in Argentina on Friday, President Trump
officially signed a new trade deal with Mexico and Canada.
“This new deal will be the most modern, up-to-date, and
balanced trade agreement in the history of our country, with the most advanced
protections for workers ever developed,” President Trump released in a
statement.
According to the White House, the United States-Mexico-Canada
Agreement rebalances the trade relationship with both countries, secures a
stronger deal for American industries and modernizes trade practices for a new
era.
More information from the White House:
- Today
in Argentina, the United States is joining Canada and Mexico to sign a new
trade agreement that will better serve the interests of American workers and
businesses.
- This follows the President’s announcement in October that a deal had been
reached.
- The new United States–Mexico–Canada Agreement (USMCA) will replace the
outdated, failed North American Free Trade Agreement (NAFTA).
- With the signing of this agreement, President Trump has delivered on his
promise to renegotiate NAFTA and protect American farmers, ranchers,
businesses, and workers.
- USMCA will help incentivize billions of dollars in additional vehicle and auto parts production in the United States.
- USMCA will help incentivize billions of dollars in additional vehicle and auto parts production in the United States.
- The
agreement includes updated rules of origin that require 75 percent of auto
content to be produced in North America.
- American
autoworkers will benefit from rules that incentivize the use of high-wage
manufacturing labor in the auto sector.
- This
includes a requirement that 40-45% of a vehicle consist of content manufactured
by North American workers making at least $16 per hour.
- USMCA’s
labor and environment chapters are fully enforceable and represent the
strongest labor and environmental provisions of any trade agreement ever
negotiated.
- Mexico
agreed to historic labor reforms to provide for genuine collective bargaining.
- The
agreement prohibits the importation of goods produced by forced labor.
- The
agreement includes provisions that allow agriculture products to be traded more
fairly.
- The new agreement includes a modernized chapter that provides stronger and more comprehensive intellectual property protections than any prior United States trade agreement.
- USMCA includes the strongest digital trade and financial services provisions of any United States trade agreement.
- The new agreement includes a modernized chapter that provides stronger and more comprehensive intellectual property protections than any prior United States trade agreement.
- USMCA includes the strongest digital trade and financial services provisions of any United States trade agreement.
- USMCA
will cut red tape at the border, streamline trade, and reduce regulatory
uncertainty.
The deal will need to be passed by Congress in order to
be completed.
