US President Trump signs USMCA into law, sealing a political win
US President Donald Trump has signed into law a new trade pact with Canada and Mexico, sealing a political victory that will help neutralise Democratic attacks on his economic record, reports Bloomberg
US President Donald Trump has signed into law a new trade pact with Canada and Mexico, sealing a political victory that will help neutralise Democratic attacks on his economic record, reports Bloomberg.
The US-Mexico-Canada Agreement, or USMCA, delivers on one of Trump's core campaign promises: to replace the Clinton-era North American Free Trade agreement that the president said has drained the US of jobs.
'We are finally ending the NAFTA nightmare,' President Trump said at a signing ceremony on the White House South Lawn.
Speaking before the signing, House Speaker and leading Democrat Nancy Pelosi said Democrats only agreed to support the deal after the White House agreed to their demands for greater protections for American workers and the environment.
A record 56 per cent of Americans approve of President Trump's handling of the economy, according to a Washington Post and ABC News poll.
Stricter rules for auto manufacturing are intended to bolster production in the US as well as the use of American steel and aluminum, which could help states including Michigan and Pennsylvania.
According to the administration, the deal would create 76,000 auto jobs and result in US$34 billion in new automotive manufacturing investments. It also opens Canada's market to US dairy producers, an important issue for Wisconsin, and is expected to create 176,000 new jobs.
The National Retail Federation welcomed the signing. 'We believe this agreement will bring continued decades of economic prosperity that will benefit American consumers and the millions of US workers whose jobs depend on the free flow of trade with our nation's two closest trading partners,' said NRF president and CEO Matthew Shay.
The American Trucking Associations leaders hailed the signing of the newly ratified United States-Mexico-Canada Agreement during a ceremony at the White House, where ATA president and CEO Chris Spear and 12 truck drivers were in attendance.
'Today's signing ceremony is the beginning of the next phase in our strong and productive relationship with Mexico and Canada,' said Mr Spear.
'ATA and our members are proud to have been engaged throughout the process, attending the ministerial conferences and working with the administration and our trucking partners in Canada and Mexico to shape this final outcome. We commend President Trump for making this a top priority of his presidency and seeing it through to completion.'
California Association of Port Authorities (CAPA) said 'its members are encouraged by the Administration's signing of the USMCA implementing bill and the Phase 1 agreement with China. Both are positive steps. More work remains to return stability and predictability to the US exporters and importers throughout all 50 states.