« A week of substantial achievements for the nation, for the president and for our international trade, » said Senate Majority Leader Mitch McConnell, R-Ky. just before the vote. Republicans and the president complained about the time it took to conclude the negotiations, but the talks resulted in a rare mix of support for a trade deal. The pact is Trump`s proxy for the North American Free Trade Agreement that came into force in 1994. NAFTA has reduced tariffs and removed most of the barriers to trade within the continent. NAFTA has triggered a trade surge between the United States, Canada and Mexico. Trump`s version continues to allow free trade beyond the North American borders of the three countries. But it updates the pact to reflect the rise of e-commerce and other aspects of the digital economy that did not exist in the Nafta negotiations. But in the Oval Office, Trump was furious that the impeachment investigation overshadowed his trade deals when it came to the best stories of the day. The AFL-CIO, a group of trade unions, supported the measure, as did many business and farmers` groups.
« Getting this trade agreement approved by the Chamber of Commerce and the AFL-CIO was not an easy task and it took the goodwill of both sides to bring us here, » said Sen. Charles Grassley, R-Iowa. Probably not much. Trade is a relatively small part of the U.S. economy. And trade with Mexico and Canada is even smaller. In an analysis last year, the Independent International Trade Commission calculated that the USMCA would increase economic growth by 0.35 per cent or $68 billion and create 176,000 jobs over a long period of year – only in an economy worth $22 trillion, with 152 million non-farm jobs. In April, the International Trade Commission predicted that the trade agreement would boost the economy by $68 billion six years after it came into force and create 176,000 jobs. It`s barely a wave in an economy worth $21 trillion a year, but many senators have discovered that their country`s key industries support the deal. The final vote came just moments before Congress opened impeachment proceedings in which House Democrats read the formal charges from the Senate well. With the process and an election year, Congress is not expected to pass many important bills.