UPDATED 6:12 AM PT — Fri. Nov. 30, 2018
President Trump has officially signed off on the new USMCA, effectively replacing the defunct NAFTA deal.
During a speech Friday, the president called the new agreement one of the largest deals to re-balance trade in recent history. He went on to say the latest deal will promote U.S. exports, bolster domestic manufacturing jobs, and buckle down on intellectual property protections for U.S. products.
The legislation will also reportedly cut back on auto imports, bringing back 75-percent of auto manufacturing jobs to the U.S. in a bid to restore American dominance in the auto market.
“We’re replacing the horrible job killing NAFTA with a brand new U.S.-Mexico-Canada agreement, which is a good deal for us, a really good deal,” stated President Trump. “You know, you take a look at the countries that were stealing, you look at what went on in Mexico where our car manufacturers went down there…make 25-percent of our cars now in Mexico — all of that’s not going to happen anymore.”
Now that the it has been signed, the agreement will head to Capitol Hill, where Republican lawmakers hope to get it approved before the new Congress takes over in January.