UNITED STATES−President Trump signed the USMCA on Wednesday, January 29. [It] The largest, most significant, modern trade agreement in history,” said President Trump.
He called it,”A tremendous breakthrough for American agriculture.” Canada will give fair treatment to American grown wheat and agreed to expand market access for American dairy, egg, and poultry producers. American agricultural exports are expected to increase by $2.2 billion under USMCA.
President Trump spoke about the number of jobs 6,500 new jobs by Chrysler, 3,000 by Ford, 2,200 by G.M., and new steel dynamics plant going up in Corpus Christi, TX bringing in somewhere in the range of 50,000 jobs. The USMCA has the potential to create 600,000 new jobs and generate $235 billion in economic activity.
USMCA has agreed upon new labor protections and is the first trade deal in nearly two decades to have the endorsement by the LF of the L-CIO. USMCA is the first U.S. trade agreement to ever include a chapter supporting small and medium sized businesses.
The United States Mexico-Canada Agreement (USMCA) passed the U.S. Senate on Thursday, January 16. A total of 89 senators voted in favor of the bill, with 10 opposing. The USMCA trade deal encompasses more than $1.3 trillion of commerce.
In a statement, The White House Press Secretary, Stephanie Grisham said:
“President Donald J. Trump delivered another trade win for the American workers with the Senate’s passage of the United States Mexico-Canada (USMCA) trade agreement.”
The USMCA trade deal is a fulfillment of a 2016 campaign promise made by President Trump to replace the old, outdated trade agreement during President Bill Clinton’s time in office, with the North American Free Trade Agreement (NAFTA).
The USMCA passed one day following the signing of phase one of the U.S./China Trade Agreement. Both deals are slated to bring over $2 trillion in trade.
“The Senate’s passage of the U.S.-Mexico-Canada Trade Agreement is a huge win for our farmers in Ohio and across the country as it ensures the viability of agriculture’s trade partnerships in the global marketplace. Trade is vital to U.S. agriculture, and we applaud Senators Sherrod Brown and Rob Portman for their bipartisan work to continue and improve our relationship with our North American trading partners,” said Ohio Farm Bureau President, Frank Burkett.