Senate could approve USMCA as early as Friday: Navarro

The Senate could approve the U.S.-Mexico-Canada Agreement as early as Friday, White House trade adviser Peter Navarro told Maria Bartiromo on "Sunday Morning Futures."

"We're gonna get that passed as early as Friday or Monday [Jan. 13]. ... My good friend Sen. Grassley is going to mark this bill up on Tuesday in the finance committee," Navarro said. "Once it's marked up, Leader McConnell will then have the opportunity to put it on the floor, and the beauty of fast-track legislation is that it's a maximum of 20 hours once it goes to the floor for the vote. It's got a large bipartisan support in the Senate."

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"Possibly this week we could actually do some great people's business. Dairy farmers in Wisconsin will rejoice, auto workers in Detroit, everyone in between," Navarro said.

Trade negotiators from the U.S., Mexico and Canada finalized USMCA in December after coming to an agreement on how enforcement of its provisions would work.

The USMCA, which overhauls the Clinton-era North American Free Trade Agreement, commonly known as NAFTA, requires 75 percent of automobile components be manufactured in the U.S., Canada and Mexico in order to avoid tariffs, and that 40 to 45 percent of automobile parts be made by workers who earn at least $16 an hour by 2023.

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Navarro brought up the administration's "phase one" trade deal with China as well.

"On Jan. 15, just a few days later, we're going to sign the 'phase one' China deal, so you could have, within a space of a week, leading off 2020, two of the biggest and best trade deals ever signed in American history," Navarro said.

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FOX Business' Edward Lawrence and Jonathan Garber contributed to this report.