American Trucking Associations applaud USMCA trade deal passage
THE American Trucking Associations commended the US Congress and the Trump administration for ratification of the US-Mexico-Canada Agreement, setting the stage for increased free, fair and equitable trade between our three countries
THE American Trucking Associations commended the US Congress and the Trump administration for ratification of the US-Mexico-Canada Agreement, setting the stage for increased free, fair and equitable trade between our three countries.
In 2018, trucks moved more than US$770 billion worth of goods between the US, Canada and Mexico, and transnational trade between the three countries supported roughly 90,000 US jobs in the trucking industry, reported the American Journal of Transportation.
'Trade is central to the trucking industry - 76 per cent of all surface freight between the US and our nearest neighbours moves by truck - so the newly ratified USMCA will be a boon to our economy and our industry,' said ATA president and CEO Chris Spear.
'This agreement will boost both US exports and gross domestic product, meaning more truck movements and delivering measurable returns for our industry,' he said.
USMCA is projected to increase annual US exports to Canada and Mexico by a combined $33 billion above the current NAFTA baseline. The agreement is also expected to increase US GDP by $68 billion, stimulating broad sectors of the economy that the trucking industry services, like agriculture and manufacturing.
'NAFTA was the oldest of our 17 trade agreements and due for the sorts of modernisation that USMCA made,' said ATA economist Bob Costello.
'With this new trade agreement in place, we can expect to see increases in exports to Canada and Mexico and a measurable increase in our gross domestic product in the years ahead. Because trucks move 70 per cent of all freight in the US, implementation of USMCA will have direct benefits to the trucking industry,' Mr Costello said.