USMCA trade deal must get by passed by Congress this summer: Peter Navarro
White House trade adviser Peter Navarro is urging Congress to pass the United States–Mexico–Canada Agreement by the summer to reduce the trade deficit and boost American jobs.
“Ambassador Robert Lighthizer is working really hard on Capitol Hill to talk with both the Democrats and the Republicans to get this on the floor of the House and the Senate,” he told FOX Business’ Lou Dobbs on Thursday. “If it gets there it’s going to pass overwhelmingly in a bipartisan way.”
Navarro said the USMCA deal revolves around the rules of origin, which provides greater incentives to source goods and materials in the U.S. and North America. And also, modernizing the agreement to incorporate the digital economy and intellectual properties into the old NAFTA.
“Those are three sectors where we really have a strong competitive advantage in so let’s get it done this summer, he said.
A bullish President Trump joined by Canadian Prime Minister Justin Trudeau showed confidence that a vote to approve the USMCA trade deal will happen soon.
“I really believe Nancy Pelosi and the House will approve it. I think the Senate will approve it very rapidly. It’s going to be very bipartisan,” Trump said from the Oval Office.
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Legislators in Mexico have already signed off on the new NAFTA deal, but it could take months before Canada and the U.S. complete the USMCA deal because Democrats on Capitol Hill are concerned with the agreement’s enforcement mechanism.
“It’s the largest trade deal, by far, ever entered into. And we’re very close to having it finalized,” Trump said. “This means a lot of jobs for our country; a lot of wealth for all three countries.