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Senate Approves USMCA

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The United States-Mexico-Canada Agreement moved another step closer to full implementation with passage by the U.S. Senate. The Senate overwhelmingly passed the measure, 89-10.

The news was greeted positively by the metals industry and others in the supply chain.

“Today’s passage of USMCA in the Senate is great news for steelmakers, our workers and our customers. It will help create jobs and foster investment in manufacturing, building upon the success of NAFTA. For the steel industry specifically, the USMCA improves upon the original NAFTA by strengthening the rules of origin for steel-intensive goods, incentivizing the use of North American steel in manufactured goods and bolstering our manufacturing supply chains with customers in the automotive, auto parts, pipe and tube, and machinery industries, among others,” said Thomas Gibson, president of the American Iron and Steel Institute.

Nearly 90 percent of all U.S. steel mill exports go to Canada and Mexico, he added, so securing those markets is crucial for domestic producers.

“Trade is central to the trucking industry – 76 percent of all surface freight between the U.S. and our nearest neighbors moves by truck – so the newly ratified USMCA will be a boon to our economy and our industry,” said Bob Costello of the American Trucking Associations. “This agreement will boost both U.S. exports and gross domestic product, meaning more truck movements and delivering measurable returns for our industry.” 

 

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