The USMCA trade agreement between the United States, Mexico, and Canada is larger than any other agreement in history and marks a milestone for world trade, said Christian Whiton, former senior adviser to Presidents Donald Trump and George W. Bush.
President Trump signed the agreement into law after intense negotiations, supported by Republicans and Democrats, replacing the NAFTA trade agreement as he promised to do as a candidate, Whiton reported on Fox Business.
“Today, we’re finally ending the NAFTA nightmare and signing into law the brand-new U.S.-Mexico-Canada Agreement. Very special. Very, very special,” President Trump said at the signing ceremony on Jan. 29.
Trump also said that the agreement would add another 1.2% to GDP and create countless new jobs for Americans.
The value of the goods involved will reach $1.4 trillion for the United States, double the value of the agreement signed with the Chinese regime, and quadruple exports, with a huge benefit to the economy of the signatory countries.
Among the provisions agreed upon is the recovery of the right of the United States to resolve before its courts any trade disputes that may arise.
Another achievement is the creation of an alternative means to solve possible disagreements between countries, outside the World Trade Organization, which has been considered ineffective.
It also protects intellectual property, digital trade, and the environment.
In addition, the USMCA established a model for negotiations suitable for like economies and that have the of law.
Following its guidelines, the United States signed similar treaties with Japan and South Korea and possibly will sign another one with Taiwan next.
Whiton said that President Trump’s accomplishments for the U.S. and international economies set a global historical precedent that is completely different from the precedents set by the economies of China and Europe.