USITC releases USMCA analysis
Last week, the U.S. International Trade Commission (USITC) released its formal analysis of the economic impact of the USMCA, with their model projecting a small but positive economic impact of the agreement.
- USITC’s economic model forecasts an increase in U.S. real GDP of 0.35 percent ($68.2 billion) and the creation of 176,000 jobs, as well as increased U.S. exports to Canada and Mexico (up $19.1 billion with Canada and $14.2 billion with Mexico.)
- USITC’s analysis claims that USMCA would have a positive impact on all broad industry sectors within the U.S. economy, including manufacturing.
Following the release, NAM Vice President of International Economic Affairs Linda Dempsey reiterated the critical importance of the USMCA, stating: “The USMCA is a win for manufacturers. This agreement will level the playing field for manufacturers in the United States and support the two million American manufacturing jobs that depend on our exports to Canada and Mexico.”