Trump's signature NAFTA rewrite could actually dampen US growth, new analysis finds
his signature rewrite of North American commerce rules as the "best and most important trade deal ever made," saying it would benefit vast parts of the economy from the agricultural sector to factories.
But economists are less optimistic the United States-Mexico-Canada Agreement will deliver the sweeping growth the president promised. In a new analysis, the Peterson Institute for International Economics estimated the agreement would instead cause US growth to decline by 0.12%. Under the new agreement, 75% of car components must be made in Canada, Mexico or the United States. While an increase from the previous requirement of 62.5% was meant to bolster the sector, it could actually raise input costs and slow activity.
USMCA won the endorsement of the powerful AFL-CIO last week, offering a green light for Democratic support. The agreement also toughens labor and environmental standards in North American trade.
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