USMCA takes significant step for trade


"I think this is just an enormous, enormous event", Kudlow said of the blueprint agreement.

The U.S. national day of mourning for President George H.W. Bush on Wednesday has delayed the release of public and private economic data as well as widely anticipated testimony to lawmakers by Federal Reserve Chairman Jerome Powell, Bloomberg News reports.

Set to replace the previous North American Free Trade Agreement (NAFTA), which US President Trump was not in favour of, the USMCA deal involves over US$1tn of trade, including meat and poultry products.

"A great deal." Trump said Saturday, during a press conference on Air Force One.

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There's disagreement among experts over whether Trump has the authority to pull out of a trade deal like NAFTA without congressional approval. The USMCA requires at least 40 percent of vehicle production to come from factories with an average wage of 16 USA dollars per hour. Trump has repeatedly criticized NAFTA, calling it "the worst trade deal in history". I've spent time up there (Capitol Hill) talking about the USMCA and the importance of it. The deal eliminates Canada's unfair Class 6 and Class 7 milk pricing schemes, opens additional access to USA dairy into Canada, and imposes new disciplines on Canada's supply management system.

Hailing the deal as "modern and balanced", the president said at the signing ceremony that it has been "well-reviewed" and he doesn't expect to have much problem in Congress. There are many provisions that will be popular with constituents throughout the country, and Crawford said it would be a "gross miscalculation" by House Democrats if they try to stop or change the agreement.

Many Democrats oppose NAFTA, blaming it for driving overseas and gutting industrial regions in the Midwest that Trump won in 2016 by appealing to workers who felt forgotten.

Trucks move almost $385 billion in goods between the USA and Mexico, and $336 billion in trade between the US and Canada. House Minority Leader Nancy Pelosi and Senate Minority Leader Chuck Schumer both made clear on Friday that the trade agreement will need protections for workers and the environment, along with other changes, to get their support.

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The AU statement said the current situation calls for urgent action towards ending the Israeli occupation of the Palestinian land. I support Palestinian self-determination.

"No, I don't. The work's not done yet".

AFL-CIO President Richard Trumka on Friday called for a major rewrite of the deal signed in Argentina at the Group of 20 summit. Hearings will be held in the House and the Senate, and once the administration submits the final legal text and an implementing bill, the Ways and Means Committee must vote on it within 45 legislative days, followed by votes in the full House, the Senate Finance Committee and the Senate.

The free-trade leanings of many Republican lawmakers will clearly bump up against their home-state demands.

Now that the leaders of the United States, Canada and Mexico have signed the agreement, it needs ratification from legislators in all three countries before taking effect. Senator Marco Rubio of Florida tweeted on Friday that the deal as drafted would put Florida's seasonal vegetable growers "out of business".

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Here's how:Conditions are expected to turn wet and windy from Tuesday afternoon, with the storm officially arriving on Wednesday. Forecaster are predicting that both Wednesday and Thursday will be very unsettled, with strong winds combined with heavy rain.