Agribusiness Report: Trade Commission Finishes USMCA Report
The U.S. International Trade Commission announced an evaluation on the U.S. Mexico Canada Trade agreement.
The report looks at the impact on the U.S. economy, which is required before Congress can ratify the deal. The commission found the three country trade deal, replacing NAFTA has a favorable impact on the U.S. economy.
The commission's model says it would raise U.S. real GDP by $68 billion, an increase of 0.35 percent, and employment by 176 thousand jobs up 0.12 percent. Adding manufacturing would experience the largest percentage gains.
In response to the report, the National Pork Producers Council says they support ratification, pointing out U.S. pork export value to Mexico has decreased 32 percent because of tariffs.
Nick Giordano the NPPC vice president says, "NPPC supports ratification of USMCA, an agreement that preserves zero-tariff access to markets that represent more than 30 percent of total U.S. pork exports."