04 Jun Free trade pact. Click to keep reading…
Vice President Pence visited Canada to encourage Prime Minister Trudeau to fast track the ratification of the new U.S.-Mexico-Canada trade deal (USMCA). Lawmakers will need to act quickly, as Parliament adjourns in June. “The USMCA is not only a huge economic boon to the U.S., but is a good deal for our allies north and south of the border,” Pence spokeswoman Alyssa Farah said in a statement ahead of the trip.
The deal will take some time to ratify here in the U.S. Democrats would like to see more protection for U.S. jobs, and Republicans want Trump to rescind duties on imported metals. It’s expected that an agreement will be reached later this year, after much debate in Congress. Once the agreement is in place, federal trade officials expect that it will result in 176,000 new jobs, and lift U.S. GDP by about 0.33%, thanks to an increase in export opportunities.–Kiplinger Letter (26 April 2019). Vol. 96, No.17.