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White House Says New NAFTA Will Spur $34 Billion Expansion
The Trump administration tells reporters the trade deal it reached last year with Mexico and Canada will create 76,000 U.S. auto jobs and generate $34 billion in new investments in the American auto industry.
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The Trump administration tells reporters the revised trade deal it reached last year with Mexico and Canada will create 76,000 U.S. auto jobs and generate $34 billion in new investments in the American auto industry.
The forecast comes from the U.S. Trade Representative’s office. The assessment was announced ahead of an independent assessment for Congress by the U.S. International Trade Commission that predicts a “moderate” impact on the U.S. economy.
The USTR’s assessment says growth will be driven by the tougher local content rules dictated by the U.S.-Mexico-Canada Agreement. If ratified by Congress, the new treaty would replace the 25-year-old North American Free Trade Agreement.
The USTR says none of the 15 companies that build cars in the U.S. plans to ignore the tighter content rules and pay tariffs instead. Nor do the carmakers intend to raise prices or move local production overseas, the trade office says.
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