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 TrumpPapadopoulos on AG's new powers: 'Trump is now on the offense' Pelosi uses Trump to her advantage Mike Pence delivers West Point commencement address 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.
 
 
Democrats, meanwhile, said the ITC report shows the trade deal would do little to improve economic conditions for American works.
 
 
Democrats are pushing for tougher trade enforcement mechanisms to address labor standards. Speaker Nancy PelosiNancy PelosiPelosi uses Trump to her advantage Fake Pelosi video sparks fears for campaigns Trump goes scorched earth against impeachment talk MORE (D-Calif.) said Mexico would have to reform its labor laws before she would consider bringing the trade deal to a vote in the House.