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MEMA Urges Congress to Pass NAFTA Update
The Motor & Equipment Manufacturers Assn. urges Congress to ratify the U.S.-Mexico-Canada Agreement without delay for the sake of bolstering the supply industry.
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The Motor & Equipment Manufacturers Assn. has urged Congress to ratify the U.S.-Mexico-Canada Agreement without delay for the sake of bolstering the supply industry.
The USMCA was signed by the three countries in November but has not been ratified by any of the participating governments. The pact would replace the 25-year-old North American Free Trade Agreement with tougher local content requirements and incentives to hike the wages of hourly workers in Mexico.
Confirming the deal would support 871,000 U.S. jobs in the auto supplier sector, according to MEMA. The group says the agreement also would bring economic certainty and spur manufacturing growth.
The Trump administration estimates the trade accord would create 76,000 U.S. jobs and generate $34 billion in investments in the American auto industry. A more muted assessment by the U.S. International Trade Commission predicts the measure would generate 28,000 jobs but also reduce annual car sales in the U.S. by 140,000 units.
Canada has signaled it won’t ratify the treaty unless the White House drops its import tariffs of 25% on steel and 10% on aluminum. MEMA says it will continue working with the Trump administration to waive those taxes for Canada and Mexico as part of implementing USCMA.
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