by Mike ‘Mish’ Shedlock
Democrats agree to pass USMCA, Trump’s NAFTA replacement.
Goodbye NAFTA, Hello USMCA
In what “seemingly” constitutes a major victory for Trump, Democratic Lawmakers Agree to Support North America Trade Pact.
House Democrats agreed to support the new U.S. trade deal with Mexico and Canada, marking a victory for President Trump who ran for office in 2016 on a pledge to remake or blow up the North American Free Trade Agreement.
House Speaker Nancy Pelosi called the new version of the U.S.-Mexico-Canada Agreement a “victory for American workers” at a Tuesday morning news conference. The pact will replace Nafta when ratified and contains provisions aimed at creating more manufacturing jobs, for example, by increasing the proportion of vehicles that must originate in North America for the cars and trucks to receive duty-free treatment.