James Politi reports in FT that Congress and the President are close to passage of the USMCA deal that would replace NAFTA. He writes:
Nancy Pelosi, the Democratic Speaker of the House of Representatives, has reached a deal with US president Donald Trump to allow ratification of USMCA — the trade pact replacing Nafta whose fate in Congress had been uncertain until this week.
Ms Pelosi’s announcement on Tuesday followed months of wrangling with Robert Lighthizer, the US trade representative, and parallel talks with officials in Canada and Mexico to secure changes to the original text.
“It’s a victory for America’s workers, it’s one that we take great pride in advancing,” Ms Pelosi said, flanked by Richard Neal, the chairman of the House ways and means committee who led the talks on the Democratic side. She said the outcome was “infinitely better” than the original deal reached by Mr Trump.
Congressional ratification of USMCA has been among the highest legislative priorities for Mr Trump, although its prospects were uncertain until this week. The move towards a green light on Capitol Hill will be touted as a big win for the White House heading into the 2020 presidential campaign, and evidence that Mr Trump’s disruptive approach to trade is delivering results at a time of heightened commercial tensions with China and the EU.
“America’s great USMCA Trade Bill is looking good. It will be the best and most important trade deal ever made by the USA. Good for everybody — Farmers, Manufacturers, Energy, Unions — tremendous support. Importantly, we will finally end our Country’s worst Trade Deal, Nafta!” Mr Trump wrote in a tweet on Tuesday.
Read more here.
