WASHINGTON, D.C. (NEXSTAR) — Congress has been given the green light to take up the United States-Mexico-Canada agreement.
The International Trade Commission has released its highly anticipated report on the USMCA and how the deal that replaces NAFTA will impact the three countries economy.
The report is good news for the U.S. auto industry, which is predicted to create 28,000 new jobs under the USMCA agreement — but what does it mean for U.S. farmers?
President Donald Trump’s new trade deal with Mexico and Canada is heading to Congress with a new score card. The ITC last week released its highly anticipated report on the U.S.-Mexico-Canada trade agreement, and the White House says it’s exactly what they expected.
“I’ll tell you, it’s a great deal,” said Donald Trump.
The ITC report predicts the USMCA will increase U.S. economic output but only by a small amount — less than 1 percent.
And in the next five years, the ITC expects the U.S. auto industry to add 28,000 full-time jobs and 176,000 new jobs total for the entire economy.
But for the average farmer?
Megan Nelson of the American Farm Bureau says it will be a lot like the NAFTA deal. Nelson says U.S. farmers won’t see much change under the new trade deal, but she says there might be some indirect benefit.
“These broader industry increases are going to spill over into agriculture and stimulate the economy as a whole,” said Nelson, an economic analyst.