USMCA future clouded by Pelosi's impeachment efforts
Coming off sealing a bevy of trade deals in recent weeks, China and Japan among the most notable, President Trump is flummoxed that one of his first deals is sitting on ice with members of congress.
The United States Mexico Canada Agreement, which was approved last year to overhaul the dated North American Free Trade Agreement [NAFTA], is ready to go but the impeachment inquiry has taken a front seat.
"Mexico-Canada is happening if they can even get it approved," said Trump on Tuesday while hosting the 2019 Stanley Cup Champs the St. Louis Blues at the White House. "I don't think they can cause its Nancy Pelosi. They are too busy working on impeachment" he said.
Speaking at a rally in Minnesota last week, Trump urged Pelosi to get the deal done.
Ironically, the House Speaker has indicated, amid the impeachment push, that she intends to deliver the deal.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
We’re moving ahead on USMCA hoping to be on a path, a continuing path to ‘yes,’” Pelosi, the House speaker, told reporters last month.
On Tuesday, the nation's manufacturing community urged lawmakers to sign the deal as soon as possible.
“We write to you to urge passage of the United States–Mexico–Canada Agreement as soon as possible this autumn. . . . North America is the most significant trade market for the United States globally, with Canada and Mexico purchasing one-fifth of the total value of U.S. manufacturing output. Canada and Mexico alone, despite representing less than 4 percent of the global economy, buy more U.S.-manufactured goods than our next 11 trading partners combined. Here at home, U.S. manufacturing exports to Canada and Mexico support millions of American manufacturing jobs as well as 40,000 small and medium-sized businesses and communities across all 50 states" according to a statement from The National Association of Manufacturers.
CLICK HERE TO READ MORE ON FOX BUSINESS
If passed, USMCA will create 176,000 jobs and will add $68.2 billion to the U.S. economy, according to the U.S. International Trade Commission.