Congress approves USMCA, awaiting presidential signature
The U.S. House and Senate have approved the United States – Mexico – Canada Agreement (USMCA). The USMCA gives U.S. farmers greater access to Canada’s agriculture market. It also tightens automotive rules of origin by requiring a higher percentage of cars be made within the North America region and the 40 percent of vehicle production be conducted by workers earning at least $16 per hour (U.S.) to receive preferential, duty-free tariff treatment. Now that the Senate has approved the agreement, the president is expected to sign it into law.
Mexico has already ratified the deal and Canada’s parliament is expected to do so in the next few months.
According to National Association of Manufacturers President and CEO Jay Timmons, “A ratified USMCA will deliver increased certainty for manufacturers – especially for the 2 million manufacturing workers whose jobs depend on North American trade.”