January 16, 2020-It’s a big week for trade. A day after the United States and China agreed to a phase one of a trade deal, the U.S. Senate approved a trade agreement that replaces NAFTA.
Only nine senators voted against it while 89 voted for it. Since the House has previously passed it with a bipartisan 385-41 vote, the agreement is cleared for the White House.
The deal, the USMCA, is a massive three-way agreement that covers goods worth about $1.3 trillion.
Leaders of Mexico, Canada and the United States signed the deal in late 2018. Mexico’s Senate voted for the agreement on June 20, 2019 and a revised treaty on Dec. 12, 2019. It’s up to the Mexican president to ratify it. Canada is expected to consider implementing legislation when the new Parliament begins its session.
For more information about the trade agreement, visit the USTR website.
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