According to US trade representative Robert Lighthizer, the United States-Mexico-Canada Agreement (USMCA) will increase GDP and is a “big win for America,” as reported by Fox Business. Lighthizer said we have what is “really the absolute gold standard on digital trade and financial services.”
USMCA is expected by the Trump administration to bring back or generate 80,000 jobs that are related to the auto industry and “create as much as $30 billion of new investment in the sector.” The problems of US dairy farmers will also be reduced by the trade deal as it will provide new access to American wheat, poultry, eggs, and many others.
Fox Business reported that Lighthizer said USMCA will raise GDP by 1.2 percentage points and create over 550,000 new jobs when fully implemented. “We have the first trade agreement in a long, long time that has the support of almost every business group, almost every agriculture group, labor groups, Democrats and Republicans, so we’re really excited about where we are,” Lighthizer said.
In a December 15 report by CBS News, Lighthizer called the White House’s act of submitting a deal with House Democrats on the USMCA as “the most momentous day in trade history ever.” His statement also referred to the announcement of the first phase of a trade agreement with China.
“It was extremely momentous and indicative of where we’re going, what this president has accomplished,” he said.
The House is expected to vote on USMCA on Thursday, but the day could still change.