Passage by the U.S. Senate of a new U.S.-Mexico-Canada trade agreement has received kudos for an organization representing more than 1,000 equipment manufacturers.
“Equipment manufacturers, farmers, and hardworking families across the country are thankful for today’s full congressional ratification of the United States-Mexico-Canada Agreement,” said a
Kip Eideberg, senior vice-president of government and industry relations for the Association of Equipment Manufacturers
statement from Kip Eideberg, senior vice-president of government and industry relations for the Association of Equipment Manufacturers, following the Senate’s passage of USMCA language in mid January.
The deal replaces the North American Free Trade Agreement, or NAFTA, that had been in effect for a quarter century.
“This new agreement updates the current, decades-old trade deal, supporting a modernized global marketplace,” Eideberg said. “As members of the USMCA Coalition, we are proud to have joined more than 600 associations and business groups in advocating for a stronger trade deal that will add up to $68 billion to our economy, create 176,000 jobs, and preserve duty-free market access to our Canadian and Mexican trading partners. We applaud President Trump, Vice President Pence, Senate Majority Leader McConnell, and House Speaker Pelosi for their efforts to negotiate and ratify the agreement.”
Equipment manufacturers “benefited greatly” from NAFTA’s duty free markets, said an AEM news release. The industry contributes $188 million annually to the U.S. and Canadian economies while supporting 1.3 million U.S. jobs and 149,000 Canadian ones.