Proponents of global trade had a good week: The Senate passed the United States-Mexico-Canada Trade Agreement (USMCA) on Jan. 16 by a vote of 89-10, and the U.S. and China entered a trade deal on Jan. 15.
The U.S. International Trade Commission has estimated that the USMCA, which will replace the North American Free Trade Agreement (NAFTA) will result in 176,000 new U.S. jobs. That’s an increase of just 0.12 percent, a modest effect on the $21 trillion U.S. economy, reports The Washington Post. The USMCA has gone to President Donald Trump, who supports it, for his signature.
The USMCA’s approval came on the heels of China agreeing to purchase approximately $200 billion of U.S. goods over two years, according to Vox.
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Credit to Allen Smith, J.D. for the original post.