ITC U.S.-Mexico-Canada Agreement analysis out
-The Hagstrom Report
The U.S. International Trade Commission today released its long-anticipated analysis of the proposed U.S.-Mexico-Canada Agreement.
The ITC concluded it will have a limited but positive effect on the U.S. economy.
The report contains detailed analyses of various economic sectors.
Senate Finance Committee Chairman Charles Grassley, R-Iowa, said, “I appreciate the professional staff at the ITC for the enormous amount of hard work that went into this report. This is part of the TPA process mandated by Congress and is an important step for USMCA to become law. This is the first time the ITC has analyzed a renegotiated trade deal, let alone one of this size.”
“I’m glad to see the report recognized USMCA’s new economic benefits,” Grassley said.
“Many of the significant improvements in USMCA are reducing non-tariff barriers and implementing rules and fair practices that will help U.S. workers, jobs and businesses tremendously over the coming years.
“The USMCA makes critical updates to rules on intellectual property, currency practices, digital trade, customs, state-owned enterprises, sanitary and phytosanitary measures and technical barriers to trade that will be valuable to many American farmers and businesses, even though their impact on GDP has historically been inherently difficult for economists to measure.
“I’ll conduct a thorough and thoughtful review of this and other studies of the economic impact of USMCA in the coming days and will be briefed by ITC officials early next week,” Grassley said,
Senate Finance Committee ranking member Ron Wyden, D-Ore., said, “This report confirms what has been clear since this deal was announced — (President) Donald Trump’s NAFTA represents at best a minor update to NAFTA, which will offer only limited benefits to U.S. workers.”
“As I’ve said for months, the administration shouldn’t squander the opportunity to lock in real, enforceable labor standards in Mexico and fix the enforcement problems that have plagued NAFTA.”