The U.S.-Mexico-Canada trade deal brings NAFTA into the 21st century | Opinion
American, Mexican and Canadian lawmakers will soon have an opportunity to vote on a massive trade deal that replaces the quarter-century-old North American Free Trade Agreement.
But the global economy has changed since NAFTA went into effect in January 1994. The internet has revolutionized the way consumers purchase goods and services. Today, people can order virtually any product from online retailers and have it delivered within days or even hours. When NAFTA was written, Amazon didn't exist. Many people hadn't heard of the internet. The fax machine played a major role in communications. As a result, NAFTA contained few provisions related to e-commerce.
Consider USMCA's section on agriculture. In 2017, the United States exported $24 billion and $19 billion worth of agricultural products to Canada and Mexico, respectively. These two countries represent America's largest and third-largest agricultural markets in the world. And these exports support 325,000 American jobs.
The new deal also dictates that 40 to 45 percent of auto content sold in North America be manufactured by workers earning a minimum of $16 an hour. This provision will incentivize companies to manufacture more vehicles and vehicle parts at their U.S. and Canadian factories. Recognizing the integral role of mom-and-pop shops, USMCA devotes an entire chapter to small and medium-sized businesses. The chapter includes provisions that cut down on the paperwork for express shipments valued below $2,500 and eliminate duties and tariffs on all shipments up to 40 Canadian dollars Lower costs and fewer administrative hassles will increase revenues, allowing firms to raise wages and hire new workers.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Trump's NAFTA replacement would have modest but positive impact, report findsA government analysis of President Trump's proposed replacement for the North American Free Trade Agreement shows it would have only a modest, though positive, effect on the US economy
Weiterlesen »
U.S. lawmakers to get long-awaited analysis of new NAFTA dealU.S. lawmakers and economists are awaiting a key analysis of the economic impact...
Weiterlesen »
Trump's NAFTA changes would lead to modest boost in growth and jobs, report saysThe U.S. International Trade Commission report comes as President Donald Trump pushes Congress to ratify the revised trade deal despite reservations from both Democrats and Republicans.
Weiterlesen »
MLB notebook: A's sign Davis through 2021Oakland Athletics slugger Khris Davis signed a contract extension Thursday that ...
Weiterlesen »
Why big business is giving up its fight against a higher minimum wageCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
Weiterlesen »
Bridgewater warns of peak US profit margins, lower stock pricesThe major drivers of high U.S. corporate profit margins are unsustainable and 'now under threat', which will eventually result in much lower equity prices, Bridgewater Associates, the world's largest hedge fund, said on Wednesday in a report.
Weiterlesen »
Bridgewater warns of peak U.S. profit margins, lower stock pricesThe major drivers of high U.S. corporate profit margins are unsustainable and &q...
Weiterlesen »
Netflix isn't concerned about lower prices as Disney streaming starts, except in one huge marketNetflix raised its prices on plans in the U.S. and announced intentions to do the same in other countries. But In India the streaming service is lowering its prices as it looks to add more subscribers in a country that has 460 million internet users.
Weiterlesen »
Ukrainian president-elect calls for talks with IMF on lower gas pricesUkrainian President-elect Volodymyr Zelenskiy on Wednesday called on the governm...
Weiterlesen »