House Democrats announced on Tuesday that it would support the passage of the United States-Mexico-Canada Agreement (USMCA) after the deal spent months in limbo.
And while details of the official deal are scarce, House Speaker Nancy Pelosi described the deal to replace North American Free Trade Agreement as a “victory for American workers.”“It’s one of those rare circumstances we’ve seen now for the last few years, where you have a win-win-win,” Heyman said on Yahoo Finance’s On the Move. “You have a win for not only the administration, but also Congress. You have a win for American workers, farmers, and the environment.
‘The auto industry is facing a whole cyclical change’On the U.S. side, the USMCA is said to provide an economic boon to the automaker industry. The American Automotive Policy Council stated that the USMCA will incentivize a $23 billion increase in U.S. annual parts and sales alone. The deal will also reportedly to raise wages in Mexico.
Story continues“By increasing the hourly wage on content on American automobiles and increasing North American content of steel and aluminum and parts, it just enhances the ability for North America to compete more effectively,” Heyman said. “That all being said, the auto industry is facing so many other challenges here that might get mixed up in today’s news.”
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