Trade among the United States, Mexico, and Canada, supports millions of American jobs every year.
The North American Trade Agreement (NAFTA), was signed in 1994 with the objective to boost economic activity and growth in the region. In 2018, the Trump administration proposed a new trade agreement among the three countries, meant to improve and replace NAFTA.
The new proposed agreement, USMCA, is yet to be approved by congress. It enjoys substantial bipartisan support and overwhelming approval by the business community, especially the agricultural sector.
With thoughtful updates, the new treaty could create more millions of jobs. Learn more about the actual impact that North American trade has in the lives of American families.
Trade among the United States, Mexico, and Canada, supports millions of American jobs every year.
The North American Trade Agreement (NAFTA), was signed in 1994 with the objective to boost economic activity and growth in the region. In 2018, the Trump administration proposed a new trade agreement among the three countries, meant to improve and replace NAFTA.
The new proposed agreement, USMCA, is yet to be approved by congress. It enjoys substantial bipartisan support and overwhelming approval by the business community, especially the agricultural sector.
With thoughtful updates, the new treaty could create more millions of jobs. Learn more about the actual impact that North American trade has in the lives of American families.
Did you know?
is the number of American jobs that are generated for every $1 billion worth of U.S. agricultural exports
export related jobs are created every year based on trade with Mexico and Canada
US dollars that each household makes per year comes from trade with Mexico and Canada
is the number of American jobs generated among all industries that depend on trade with Mexico
is the number of American jobs that are generated for every $1 billion worth of U.S. agricultural exports
export related jobs are created every year based on trade with Mexico and Canada
US dollars that each household makes per year comes from trade with Mexico and Canada
is the number of American jobs generated among all industries that depend on trade with Mexico
The new treaty, USMCA, was signed by Trump and his Canadian and Mexican counterparts in December, but it needs congressional approval before going into effect. The estimated losses in exports that the US would incur if Congress does not approve the new trade agreement USMCA, and withdraws from NAFTA, have been estimated to amount 9.5 billion dollars.
USMCA will not only help to secure the gains that the U.S. industries made under NAFTA; but it could also increase U.S. net exports to Canada and Mexico by another $454 million, based on a study conducted by Perdue University.
What are some key provisions of USMCA?
- The deal requires 75% of auto content to be made in North America to qualify for tariff-free treatment. Roughly 40-45% of the content must be made by workers making at least $16 an hour.
- Canada agreed to lift some rules that hindered US exports of dairy products.
- There are new sections governing digital trade, including a ban on rules that would require firms to store data in specific countries.
- Pharmaceutical companies won longer patent protections for certain kinds of medicines.
- The three countries committed to review the deal every six years, deciding whether to extend its 16-year duration.
What People Are Saying
What People
Are Saying
“The nuts and bolts for USMCA are all in place,” Andy Jobman said, “The goal is to try and pass this before August, there could be some really bad exposure between now and August, the stakes for agriculture couldn’t be higher.”
“The majority (78%) of automotive executives feel that the changes required by USMCA will have a positive impact on their individual companies in the long term, and more than half (53%) feel USMCA will ultimately increase North American vehicle manufacturing and provide a net improvement for workers and consumers.”
“World Trade Center Buffalo Niagara has joined a nationwide coalition of companies and associations urging lawmakers to ratify the United States-Mexico-Canada Trade Agreement.”
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