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7/12, 10:14 PM (Source: TeleTrader)
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Trump calls for 'fast' adoption of USMCA, hints at more tariffs

United States President Donald Trump on Friday called the Congress to approve the United States-Mexico-Canada (USMCA) "as fast as possible" and that he expects the trade deal to create between 600,000 and 1.2 million agricultural and manufacturing jobs in the country. During his remarks on the USMCA in Milwaukee, Trump stated that his administration is working on a bill with a working title of Reciprocal Trade Act of 2019, which would impose equivalent tariffs on imports and exports goods towards individual countries.

Trump reiterated that the North American Free Trade Agreement (NAFTA), USMCA predecessor, was the "worst trade deals in the history of the world" and that the new arrangement will bring "strong protection for the American worker." He added that Mexico made a commitment to have the highest labor, environmental and trade law provisions towards the US.

US president also explained that under the USMCA, 75% of automobiles will have to be made in North America and that it should create 76,000 new carmaking jobs in the US alone.

Breaking the News / MA