(CNN) – Former US President Donald Trump is again vowing to save American manufacturing and bring back jobs by rewriting the trade deal with Mexico and Canada.
But this time, instead of replacing the North American Free Trade Agreement, known as NAFTA, which he has often described as the “worst trade agreement ever,” he wants to renegotiate the trade agreement itself.
Trump signed the United States-Mexico-Canada Treaty (USMCA for its acronym in English or T-MEC in Spanish) in 2018. It came into force in January 2020 and replaced NAFTA.
And 2018, Trump said that the USMCA is “the most modern, innovative and fairest trade agreement in our nation’s history, with the most advanced protections for workers ever developed.”
But now Trump thinks it can be improved.
“When I take office, I will formally notify Mexico and Canada that I intend to include the six-year USMCA renegotiation provision that I put in place,” Trump said. last week in a speech at the Detroit Economic Club.
The T-MEC includes a clause that requires a review by the three signatory countries after six years.
When asked by Fox News’ Maria Bartiromo in an interview that aired Sunday about his plan to renegotiate the USMCA, Trump said he would not undermine the agreement he created.
“I want it to be a much better deal. “I want to take advantage, now, of the auto industry,” he said.
The Vice President of the United States, Kamala Harris, has also said that she will use the T-MEC review process.
Harris, now a Democratic presidential candidate, was one of 10 US senators who voted against the USMCA at the time.
“I knew it wasn’t enough to protect our country and its workers,” he said in a statement last week.
After the Senate vote in 2020, Harris said she was concerned the USMCA’s environmental provisions did not go far enough to address climate change.
Many of the T-MEC Download the latest version of NAFTA 25 years old.
One of the biggest changes was a new incentive to make cars and trucks in North America. The USMCA requires that 75% of a vehicle’s parts be made in one of the three countries—up from the previous rule of 62.5%—in order for them to be tax-free when they cross borders.
He also wants more auto parts to be made by workers who earn at least $16.
The trade agreement introduced new benefits to the technology sector, in a chapter on digital trade that was not part of the original NAFTA.
Strict labor standards and environmental protections were also introduced.
2024-10-14 22:50:00
#Trump #renegotiate #trade #deal #Mexico #Canada #cnn
