August 6, 2019, Shady Grove, Penn. – Vice President Mike Pence, joined the Association of Equipment Manufacturers and the Manitowoc Company to discuss the United States-Mexico-Canada Agreement (USMCA) how the new trade deal will create jobs and benefit equipment manufacturers.
The USMCA updates and modernizes NAFTA, the tri-lateral trade agreement between the United States, Canada, and Mexico. By ratifying the USMCA, it will create jobs, secure access to our two largest export markets, and ensure North America’s manufacturing competitiveness.
Equipment manufacturers support 1.5 million jobs in the US and Canada. Overall, there are 12 million U.S. jobs across the country that are supported by trade with Canada and Mexico. A study by the United States International Trade Commission shows the USMCA would create an additional 176,000 U.S. jobs and add $68 billion to the U.S. economy.
The most important thing the USMCA does for equipment manufacturers is secure duty-free market access to Canada and Mexico. The USMCA also opens Canada’s market to more U.S. agricultural exports, establishes rules for e-commerce allowing manufacturers and customers to better share data, and strengthens labor and environmental protections. It will also help small businesses by updating customs and trade rules that will cut red tape and make it easier to participate in cross-border trade with Canadian and Mexican customers.
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