AFL-CIO endorses USMCA as 'vast improvement' over NAFTA

Speaker of the House Nancy Pelosi announces House Democrats’ agreement to a an updated version of the USMCA trade deal.

The AFL-CIO gave a ringing endorsement of the U.S.-Mexico-Canada Trade Agreement on Tuesday when House Democrats announced they were satisfied with the trade deal.

"I am grateful to House Speaker Nancy Pelosi and her allies on the USMCA working group, along with Senate champions like Sherrod Brown and Ron Wyden, for standing strong with us throughout this process as we demanded a truly enforceable agreement," AFL-CIO President Richard Trumka wrote on Twitter on Tuesday.

"I also commend Ambassador Robert Lighthizer for being a straight shooter and an honest broker as we worked toward a resolution," Trumka wrote. "Working people are responsible for a deal that is a vast improvement over both the original NAFTA and the flawed proposal brought forward in 2017."

The United States, Mexico and Canada have reached a historic trade deal.

U.S. Chamber of Commerce CEO Tom Donohue said the USMCA deal is 'very important for 'American jobs, American economic growth and American stability in the region.'

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HISTORIC USMCA DEAL IS MUCH BETTER THAN NAFTA: PELOSI

"There is no question, of course, that this trade agreement is much better than NAFTA," House Speaker Nancy Pelosi, D-Calif., said at a press conference announcing her caucus's support of the agreement. Major U.S. stock indexes turned positive after the announcement.

U.S. Trade Representative Robert Lighthizer, White House adviser Jared Kushner and Canadian Deputy Prime Minister Chrystia Freeland are expected to be in Mexico City on Tuesday for a signing ceremony.

L to R: U.S. Trade Representative Robert Lighthizer, Canadian Deputy Prime Minister Chrystia Freeland and Senior White House Adviser Jared Kushner are expected to be in Mexico City on Tuesday for a signing ceremony.

Union president Trumka praised the deal for creating "enforceable labor standards" and eliminating "carve outs for corporations like the giveaway to Big Pharma in the administration's initial proposal."

But USMCA "alone is not a solution for outsourcing, inequality or climate change," Trumka said.

Pelosi thanked Trumka during the USMCA press conference on Tuesday.

"He was persistent, dissatisfied, knowledgeable," she said. "He really got us to a place which is a far distance from where we started with the proposal that was given to us."

FOX Business’ Edward Lawrence reports on Speaker of the House Nancy Pelosi announcing USMCA revisions will be signed by Canada and Mexico, however Senate Majority Leader Mitch McConnell has said the Senate will not take up USMCA until after the impeachment trial.

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USMCA is expected to create around 176,000 new jobs and inject $34 billion into the U.S. auto industry, Commerce Secretary Wilbur Ross told FOX Business' Maria Bartiromo, citing International Trade Commission data. He added that as many as 589,000 new jobs could be created within five years.

FOX Business' Edward Lawrence broke the news that a USMCA agreement was reached. Bartiromo was first to report the deal would come together this year.

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FOX Business' Jonathan Garber contributed to this report.