Left Menu
Development News Edition

UPDATE 1-U.S. Senate poised to pass new North American trade deal


UPDATE 1-U.S. Senate poised to pass new North American trade deal
Representative image Image Credit: Wikipedia

The U.S. Senate was poised to approve a new North American trade deal on Thursday, clearing the way for a to revamp of the 26-year-old NAFTA that includes tougher labor and automotive content rules but leaves $1.2 trillion in annual U.S.-Mexico-Canada trade flows largely unchanged.

The Senate easily passed a procedural measure, paving the way for a vote on the implementing legislation for the U.S.-Mexico-Canada Agreement. That is expected to pass with bipartisan support later Thursday, sending the measure to President Donald Trump for signing into law. It comes a day after Trump signed a Phase 1 trade deal with China, and as the Senate takes formal steps to consider his removal from office in an impeachment trial due to begin next week.

Canada still needs to approve the trade deal before it can take effect and replace the 26-year-old North American Free Trade Agreement. Trump has blamed NAFTA for the loss of thousands of American factory jobs to low-wage Mexico. Canada's parliament does not return to session until Jan. 27, so the scheduling of a vote there remains unclear. But USMCA is expected to see little resistance in Canada, as Conservatives have said they would back the deal negotiated earlier by Prime Minister Justin Trudeau's Liberal-dominated government.

"Today the Senate will send this landmark agreement to the president's desk. A big bipartisan win," Senate Republican Leader Mitch McConnell said in Senate floor remarks. Only a handful of U.S. senators have voiced opposition to the trade deal, passed by the House of Representatives on Dec. 19 after Democrats insisted on changes to improve enforcement of new labor rights.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

SDG13: How you can reduce global warming by changing your food habits

The mega narratives of various international organizations give the impression that fighting global warming is only a job of government agencies. However, the European Investment Bank EIB has designed a questionnaire which besides making th...

SDG2030: Challenges of technological applications in advancing Global Goals

Application of contemporary and future information technologies may go milestones in advancing sustainable development goals SDGs provided the challenges are overcome and implementation is ensured....

Videos

Latest News

FACTBOX-New coronavirus outbreak spreads in China

A new virus outbreak in the city of Wuhan has spread to other parts of China, with six people confirmed dead, to the alarm of global health authorities and financial markets.Little is known about the coronavirus strain, though human-to-huma...

Huawei CFO's legal team to contest U.S. extradition in day 2 of Canada hearing

Huawei Chief Financial Officer Meng Wanzhou is set to return to a Vancouver court on Tuesday, where her lawyers will build on their arguments against the U.S. extradition request that they say is based on a sanctions violation and not bank ...

Economic slowdown to hit insurance premium collections: Moody's

Despite low penetration, the ongoing economic slowdown will impact insurance premium collections over the next two to three years, global ratings agency Moodys Investors Service said on Tuesday. The total insurance premium collected slowed ...

Sweden summons Chinese ambassador over criticism

Swedens foreign ministry has summoned the Chinese ambassador for talks on Tuesday over his repeated criticism of the Scandinavian nation and alleged intimidation of the Swedish media. Relations between Sweden and China have been strained fo...

Give Feedback