USMCA Deal Imminent

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CBJ — It’s been a long time coming but it appears as if the NAFTA replacement will soon be finalized.

U.S. House Speaker Nancy Pelosi says the deal is imminent and wants Congress to pass President Donald Trump’s revamped free trade deal this year.

After numerous and at times difficult negotiations, the U.S., Canada and Mexico agreed to replace the 25-year-old North American Free Trade Agreement with an updated version to better reflect the economies of today. A  big part of the new deal will encourage greater investment in factories and jobs in the U.S.  For many months Trump bemoaned how thousands of good-paying American jobs were being sent to Mexico where labour costs are much cheaper.

House Ways and Means Committee Chairman Richard Neal told colleagues the biggest outstanding issue to be resolved is enforcement of enhanced labour standards in Mexico. Once that has been resolved satisfactorily it seems the agreement will be put into action.

@CanBizJournal

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