Government report says new NAFTA would have minimal impact on economy

Government report says new NAFTA would have minimal impact on economy
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President TrumpDonald John TrumpGraham to introduce resolution condemning House impeachment inquiry Support for impeachment inches up in poll Fox News's Bret Baier calls Trump's attacks on media 'a problem' MORE's update of the North American Free Trade Agreement (NAFTA) would provide a very modest boost to the economy, according to a report released Thursday by the U.S. International Trade Commission (ITC).
 
The United States-Mexico-Canada Agreement (USMCA) would increase economic growth by 0.35 percent, or $68.2 billion, and create 175,700 jobs, the government agency projected.
 
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Wages would rise 0.27 percent, and the largest increases would be in manufacturing and mining, with the average wage climbing 0.43 percent among lower-educated workers.
 
U.S. trade with Canada and Mexico would increase and reduce the trade deficit with Mexico by $1.8 billion under the agreement. Exports to Mexico would get a $14.2 billion boost, compared with $12.4 billion in new imports.
 
The bilateral trade deficit with Canada would stay the same, with $19.1 billion in new exports countering $19.1 billion in imports.
 
“I’m glad to see the report recognized USMCA’s new economic benefits,” said Senate Finance Committee Chairman Chuck GrassleyCharles (Chuck) Ernest GrassleyMulvaney faces uncertain future after public gaffes State cites 38 people for violations in Clinton email review Lawmakers from both sides of the aisle mourn Cummings MORE (R-Iowa), noting the trade deal's focus on reducing nontariff barriers.
 
Democrats, meanwhile, said the ITC report shows the trade deal would do little to improve economic conditions for American works.
 
“This report confirms what has been clear since this deal was announced – Donald Trump’s NAFTA represents at best a minor update to NAFTA, which will offer only limited benefits to U.S. workers,” said Sen. Ron WydenRonald (Ron) Lee WydenHouse passes bill taking aim at anonymous shell companies Senate Democrats to force vote Wednesday to overturn IRS rules on SALT deduction cap Hillicon Valley: Facebook removes Russian, Iranian accounts trying to interfere in 2020 | Zuckerberg on public relations blitz | Uncertainty over Huawei ban one month out MORE (Ore.), the top Democrat on the Finance Committee.