U.S. House passes new North American trade deal replacing NAFTA
WASHINGTON - The U.S. House of Representatives is set to approve a rewritten North American trade deal on Thursday that includes tougher new labor and automotive content rules than its predecessor but leaves $1.2 trillion in U.S.-Mexico-Canada trade flows largely unchanged.
The House Ways and Means Committee advanced the bill to implement the new U.S.-Mexico-Canada Agreement on a voice vote on Tuesday, indicating broad support. Pelosi said she was not concerned about Democrats handing Trump a political victory on USMCA as they are trying to remove him from office. Even some of the most ardent trade skeptics in Congress have voiced support of the deal, including Representative Debbie Dingell, who represents an autoworker-heavy district in southeastern Michigan.
But the biggest changes require increased North American content in cars and trucks built in the region, to 75% from 62.5% in NAFTA, with new mandates to use North American steel and aluminum.
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