WASHINGTON (Reuters) - The new North American free trade pact would modestly boost the U.S. economy, especially auto parts production, but may curb vehicle assembly and limit consumer choice in cars, a hotly anticipated analysis from the U.S. International Trade Commission showed on Thursday. FILE PHOTO: U.S. President Donald Trump, Canada's Prime Minister Justin Trudeau and Mexico's President Enrique Pena Nieto sign documents during the USMCA signing ceremony before the G20 leaders summit in Buenos Aires, Argentina November 30, 2018. REUTERS/Kevin Lamarque/File Photo The ITC report is a crucial step in the push for Congress to consider ratification of the U.S.-Mexico-Canada Agreement, signed by President Donald Trump and the leaders of the other two countries last year to replace the 25-year-old North American Free Trade Agreement. The report estimates that U.S. real gross domestic product would increase by 0.35 percent, or $68.5 billion, on an annual basis compared to a … [Read more...] about New North American trade deal modestly boosts U.S. economy, trade…
North american free trade
FILE PHOTO: U.S. President Donald Trump, Canada's Prime Minister Justin Trudeau and Mexico's President Enrique Pena Nieto sign documents during the USMCA signing ceremony before the G20 leaders summit in Buenos Aires, Argentina November 30, 2018. REUTERS/Kevin Lamarque/File Photo (Reuters) - The U.S. International Trade Commission estimated the proposed new North American free trade deal would modestly boost the U.S. economy but could reduce U.S. vehicle production. The economic assessment of the U.S.-Mexico-Canada Agreement, released on Thursday, said the trade deal would increase U.S. real gross domestic product by 0.35 percent, or $68.5 billion, on an annual basis and add 176,000 U.S. jobs, while raising U.S. exports. The report’s estimates are for year six of the trade deal, once it is fully implemented. Auto industry employment would rise by 30,000 jobs for parts and engine production, but U.S. vehicle production would decline in and U.S. vehicle consumption would be … [Read more...] about New North American trade deal would boost U.S. economy, U.S….
By Joe Williams Published April 18, 2019 Auto FOXBusiness Facebook Twitter Comments Print video USMCA's potential economic impact Rep. Vern Buchanan, R-Fla., on the USMCA and the current political climate on Capitol Hill. A new trade deal between the U.S., Mexico and Canada would spur billions of dollars in new investment and launch thousands of new jobs in the North American automotive industry, according to a new study released on Thursday from the Office of the United States Trade Representative. Continue Reading Below Based on confidential data provided by the major carmakers with operations in the region, the sector would invest roughly $34 billion and create 76,000 jobs within five years of passage of the United States–Mexico–Canada Agreement. "The actual impact, of course, may vary, depending on macroeconomic and other factors unrelated to the USMCA," the USTR wrote. MORE FROM FOXBUSINESS.COM... LUXURY SUV MARKET … [Read more...] about Trump admin: USMCA would lead to North American auto industry surge
By The Canadian Press Thu., March 28, 2019 MONTREAL - Finance Minister Bill Morneau is acknowledging “clouds” hovering over various trade talks, as Canada struggles to get U.S. tariffs removed and the trade war between the United States and China drags on. The revised free trade pact between the U.S., Mexico and Canada, known as the USMCA, has yet to be ratified, with Foreign Affairs Minister Chrystia Freeland warning earlier this week that Canada’s support for the agreement may hinge on the removal of U.S. tariffs on Canadian steel and aluminum. Mexico, also straining under hefty metal duties, has said that unless the tariffs are lifted it will be content with the status quo of the North American Free Trade Agreement. In Montreal Thursday, Morneau said the trade situation “looks messy” but that he is “cautiously optimistic” the updated deal will be ratified in the “not-too-distant future.” He suggested a growing … [Read more...] about Bill Morneau acknowledges ‘clouds’ hanging over hopes for free trade deals
DETROIT/WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer and his staff will head to Michigan next week to meet with United Auto Workers union leaders in an effort to win labor backing for a new North American free trade deal, the union said on Friday. FILE PHOTO: U.S. Trade Representative Robert Lighthizer testifies before House Ways and Means Committee hearing on "U.S.-China Trade” on Capitol Hill in Washington U.S., February 27, 2019. REUTERS/Kevin Lamarque Lighthizer is set to meet on Tuesday with union officials in Dearborn to answer questions about the United States-Mexico-Canada Agreement (USMCA), UAW officials said. A USTR spokesman did not immediately respond on Friday to Reuters’ queries about the planned meeting. Lighthizer said at a congressional hearing on Wednesday that the USMCA is “clearly better than” the North American Free Trade Agreement (NAFTA) that preceded it. Business leaders and Democrats say gaining labor … [Read more...] about U.S. trade chief courts auto union to back North American trade pact