USMCA Will Boost Economic Growth and Create Jobs

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USMCA Will Boost Economic Growth and Create Jobs

 ECONOMY & JOBS

 Issued on: April 23, 2019

ALL NEWS

Recent analyses show that the United States-Mexico-Canada Agreement (USMCA) will boost economic growth and create more jobs for American workers

FOX BUSINESS: USMCA to Add $68.2B to US Economy, Spur 176K Jobs Says Key Independent Review Panel

“A new trade agreement between the U.S., Mexico and Canada would add $68.2 billion to the U.S. economy and create 176,000 new jobs, according to a study from the International Trade Commission released on Thursday. … ‘The model estimates that the agreement would likely have a positive impact on all broad industry sectors within the U.S. economy,’ the [ITC] report says.  ‘Manufacturing would experience the largest percentage gains in output, exports, wages, and employment, while in absolute terms, services would experience the largest gains in output and employment.’”

FINANCIAL TIMES: USMCA Trade Deal to Boost US Economy, Trade Commission Finds

“The ITC said in its report released on Thursday that the United States-Mexico-Canada Agreement would have a positive impact on US real gross domestic product and employment ‘if fully implemented and enforced’, citing new rules of origin governing vehicle production. The report also found benefits from reduced policy uncertainty regarding digital trade.”

WASHINGTON EXAMINER: Trump USMCA would add $68B to GDP and 176,000 jobs, independent report says

“The deal would strengthen labor standards and rights, especially those in Mexico, increase intellectual property rights protections enjoyed by U.S. firms, and reduce the scope of the system for settling disputes between investors and individual countries, likely leading to less U.S. investment in Mexico — and freeing up capital for domestic manufacturing and mining, according to the report. The projected positive effect would be small, though.”

REUTERS: U.S. Trade Agency Sees 76,000 New Auto Jobs from North American Trade Deal

“The Trump administration on Thursday estimated that its new North American trade deal will create 76,000 automotive sector jobs within five years as automakers invest some $34 billion in new plants to comply with the pact’s new regional content rules. … A senior USTR official told reporters that none of the 15 automakers producing vehicles in North America intend to opt out of the agreement to pay U.S. tariffs instead and move production overseas, as some critics of the deal have suggested.”

FOX BUSINESS: Trump Admin: USMCA Would Lead to North American Auto Industry Surge

“A new trade deal between the U.S., Mexico and Canada would spur billions of dollars in new investment and launch thousands of new jobs in the North American automotive industry, according to a new study released on Thursday from the Office of the United States Trade Representative. Based on confidential data provided by the major carmakers with operations in the region, the sector would invest roughly $34 billion and create 76,000 jobs within

THE HILL: New NAFTA Would Give $60B Boost to Auto Sector

“The Office of the U.S. Trade Representative (USTR) projected a significant boost for U.S. automakers and parts producers in an economic analysis of the U.S.-Mexico-Canada Trade Agreement (USCMA) published Thursday. The White House trade office projected the USMCA to spur $34 billion in investments in U.S. auto plants, $23 billion in American auto parts sales and create 76,000 new industry jobs over the course of five years. The employment gains would include roughly 22,800 automotive assembly jobs, 8,000 additional advanced battery supplier jobs, and 45,600 additional automotive supplier jobs, according to USTR estimates.”

INSIDE U.S. TRADE: ITC Cites Digital, Auto Provisions in Finding USMCA Will Benefit U.S. Economy

“The Commission estimates that USMCA would boost U.S. GDP by $68.2 billion and would add roughly 176,000 jobs. Additionally, ‘U.S. exports to Canada and Mexico would increase by $19.1 billion (5.9 percent) and $14.2 billion (6.7 percent), respectively. U.S. imports from Canada and Mexico would increase by $19.1 billion (4.8 percent) and $12.4 billion (3.8 percent), respectively,’ the report states.”

POLITICO: U.S. ITC Report: Dairy Exports to Canada Would Grow $227M Under New Deal

“American dairy exports to Canada would increase by $227 million annually under the new USMCA deal, according to a report out today from the U.S. International Trade Commission. The 375-page report assessed the range of effects of the deal, including on dairy, which was among the most politically sensitive issues in Canada. The ITC estimated American dairy exports to Canada would jump significantly — by 43.8 percent.”

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