Trump, House Democrats Reach Agreement on USMCA Trade Deal

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Tuesday, December 10, 2019

GoLocalPDX Business Team

Democratic Speaker of the House Nancy Pelosi announced that she has agreed to a deal with President Donald Trump to allow ratification of the U.S-Mexico-Canada trade agreement (USMCA).

“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,” said Trump in a tweet.

The USMCA press conference came just moments after House Democrats unveiled two articles of impeachment against Trump.

According to USA Today, top trade officials from the three countries are expected to meet in Mexico City for a ceremony on Tuesday afternoon.

New Trade Deal

The new trade agreement will replace the North American Free Trade Agreement (NAFTA), which was put in place on January 1, 1994.

According to USA Today, the new agreement includes rules for the movement of products between the three countries.

There is also a provision in the agreement that requires a higher percentage of autos be made by parts manufactured in North America.

The USMCA agreement also provides drugmakers with a minimum of ten years of market exclusivity.

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