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TRADE WARS
A 'catastrophe' if US Congress fails to ratify USMCA: trade rep
by Staff Writers
Washington (AFP) Feb 27, 2019

Washington's chief trade envoy on Wednesday urged US lawmakers to adopt the trade agreement negotiated last year with Canada and Mexico.

In congressional testimony, US Trade Representative Robert Lighthizer said American credibility was at stake in efforts to get lawmakers to ratify the US-Mexico-Canada agreement.

Signed in November, the tri-nation agreement would replace and modernize the former North American Free Trade Agreement.

It changes rules of origin for the auto sector, requires higher wages for some auto manufacturers and expands US access to the Canadian dairy market, among other shifts.

"If USMCA doesn't pass, I've said this before, it would be a catastrophe across the country," Lighthizer said during testimony before the House Committee on Ways and Means, which produces tax legislation.

Amid the White House's fractious relations with lawmakers and the approach of next year's elections, USMCA's passage through Congress is uncertain, worrying industry representatives in recent months.

Lawmakers in Mexico and Canada likewise must ratify the new deal for it to take effect.


Related Links
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TRADE WARS
American businesses in China see gloomy year ahead
Beijing (AFP) Feb 26, 2019
US companies in China forecast a gloomy year ahead, with many worrying about a deterioration in bilateral trade ties and nearly a quarter delaying investments, a business survey showed Tuesday. The survey of 314 US businesses by the American Chamber of Commerce in China provided a full accounting of challenges American business face after Beijing and Washington exchanged tit-for-tat tariffs on more than $300 billion in two-way trade. The report was released two days after US President Donald Tru ... read more

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