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Friday, November 30, 2018

Trump Signs Huge Trade Deal

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Trump Signs Huge Trade Deal


This new deal will be the most modern, up-to-date, and balanced trade agreement in the history of our country, with the most advanced protection for workers, ever developed.

President Donald J. Trump

REBALANCING OUR TRADE RELATIONSHIP: President Donald J. Trump kept his promise to deliver a modern and rebalanced trade deal to replace NAFTA.

  • Today in Argentina, the United States is joining Canada and Mexico to sign a new trade agreement that will better serve the interests of American workers and businesses.
    • This follows the President’s announcement in October that a deal had been reached.
  • The new United States–Mexico–Canada Agreement (USMCA) will replace the outdated, failed North American Free Trade Agreement (NAFTA).
  • With the signing of this agreement, President Trump has delivered on his promise to renegotiate NAFTA and protect American farmers, ranchers, businesses, and workers.
SECURING A STRONGER DEAL FOR AMERICAN INDUSTRIES AND WORKERS: USMCA is a stronger deal for American farmers, ranchers, businesses, and workers.
  • USMCA will help incentivize billions of dollars in additional vehicle and auto parts production in the United States.
  • The agreement includes updated rules of origin that require 75 percent of auto content to be produced in North America.
  • American autoworkers will benefit from rules that incentivize the use of high-wage manufacturing labor in the auto sector.
    • This includes a requirement that 40-45% of a vehicle consist of content manufactured by North American workers making at least $16 per hour.
  • USMCA’s labor and environment chapters are fully enforceable and represent the strongest labor and environmental provisions of any trade agreement ever negotiated.
    • Mexico agreed to historic labor reforms to provide for genuine collective bargaining.
    • The agreement prohibits the importation of goods produced by forced labor.
  • The agreement includes provisions that allow agriculture products to be traded more fairly.
    • Canada will end its “Class 6” and “Class 7” programs that allow low-priced dairy products to undersell American dairy producers.
    • Canada will increase market access for United States dairy products, eggs, and poultry.
REFORMING TRADE FOR THE 21ST CENTURY: USMCA modernizes our trade relationship with Canada and Mexico to reflect the realities of the 21st century. 
  • The new agreement includes a modernized chapter that provides stronger and more comprehensive intellectual property protections than any prior United States trade agreement.
    • These protections are vital to promoting innovation and economic growth.
    • USMCA includes robust copyright protection, 10 years of data protection for biologic drugs, and new protections against the theft of trade secrets.
  • USMCA includes the strongest digital trade and financial services provisions of any United States trade agreement.
    • New rules ensure that data can be transferred cross-border and that limits on where data can be stored are minimized.
  • USMCA will cut red tape at the border, streamline trade, and reduce regulatory uncertainty.
  • The agreement includes a currency chapter that will help reinforce transparency and stability.
Shared from whitehouse.gov



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