In January, President Trump signed the U.S.-Mexico-Canada Agreement (USMCA) into law. The East Parker County Chamber joined hundreds of other organizations and chambers across the world to support this trade agreement.
USMCA is critical to our economic future because it will preserve and strengthen U.S. trade ties to Canada and Mexico.
More than 12 million American jobs depend on trade with Canada and Mexico. U.S. manufacturers export more made-in-America manufactured goods to our North American neighbors than they do to the next 11 largest export markets combined, and the two countries account for nearly one-third of U.S. agricultural exports. They are also the top two export destinations for U.S. small and medium-size businesses, more than 120,000 of which sell their goods and services to Canada and Mexico.
Approval of USMCA ensures U.S. manufacturers, farmers, and service providers can continue to access the Canadian and Mexican markets. The new pact guarantees that virtually all U.S. exports will enter these markets tariff-free.
USMCA will also modernize North American trade rules. For example, when NAFTA was negotiated a quarter century ago, there was no e-commerce; consequently, the agreement did not address this sector. While no trade agreement is perfect, USMCA’s updated trade rules in areas such digital trade, services, and non-tariff barriers promise substantial benefits.
By creating a level playing field for trade in North America, USMCA will help U.S. companies and the workers they employ compete in our top two export markets.