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New North American trade deal modestly boosts US economy, trade panel finds

Updated : April 19, 2019 07:09 AM IST

The ITC report is a crucial step in the push for Congress to consider ratification of the US-Mexico-Canada Agreement, which was signed by President Donald Trump and the leaders of the other two countries last year to replace the 25-year-old North American Free Trade Agreement.
The report estimates that annual US real gross domestic product would increase by 0.35 percent, or $68.5 billion, on an annual basis compared to a NAFTA baseline, and would add 176,000 US jobs while raising US exports.
The USMCA deal contains much tighter regional content rules, requiring that 75 percent of a vehicle's value be sourced in North American versus 62.5 percent currently, and 40-45 percent produced in high-wage areas, namely the United States and Canada.
New North American trade deal modestly boosts US economy, trade panel finds

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