Trump's promise to impose a 25% tariff on all imports from Canada and Mexico mimics his old strategy of using tariff threats as a negotiating tool.
The US and Canada haven't tightened cross-border access for goods during the pandemic, but the two governments can do more to make trade flow easier.
Trump said the agreement would boost growth in the US economy by 1.2%, a figure far above estimates in his own administration and elsewhere.
"USMCA has a myriad of provisions to warm the hearts of protectionists," Toomey wrote in a Wall Street Journal op-ed article.
In a new analysis, the Peterson Institute for International Economics estimated the agreement would cause US growth to decline by 0.12%.
House Speaker Nancy Pelosi celebrated her party's work on the United States-Mexico-Canada Agreement (USMCA) this week.
Behind closed doors, Pelosi insisted that Democrats had the upper hand in the trade deal and had outstrategized the GOP.
Trump made a pledge to scrap the North American Free Trade Agreement a center of his campaign in 2016, calling it the "worst trade deal ever made."
Centrist Democrats could vote for a trade agreement Trump will use to try and unseat them, or block a deal and undercut their image as dealmakers.
Mike Roman, the CEO of 3M, says the US-Mexico-Canada Agreement, or USMCA, is critical for the US economy and needs to be ratified by Congress.
After Trump threatened to hit Mexico with tariffs in an immigration fight this month, some wonder how effective a ratified USMCA would be.
Although Trump's tariffs on Mexico are designed to hurt the country's economy, they are likely going to backfire in an amplified way.
President Donald Trump is pushing his luck with his latest tariff threat against Mexico, which would hurt the US auto industry.
"It's time Congress put its partisan differences aside and come together to put Americans first by approving the USMCA," Phil Cox writes.
The US, Canada, and Mexico are moving closer to finalizing a trade deal that would replace the 25-year old NAFTA.
"I would not have voted for NAFTA because I believe we can do a better job to protect American workers," Harris said during a CNN interview on Sunday.
"If these tariffs aren't lifted, USMCA is dead. There is no appetite in Congress to debate USMCA with these tariffs in place," Grassley said.
2019-04-18T21:37:39Z
A North American Free Trade Agreement overhaul that was rolled out last year would have a positive but modest impact on the economy, the International Trade Commission said Thursday.
"They don’t think they're going to have enough votes on their side obviously to pass it. They don’t," Pascrell added.
"So it’s not clear to me what the path forward is," Toomey said. "As I’ve warned the administration, there’s a lot of resistance from Democrats."