Hatch Statement on USMCA Signing

Statement

Senate Finance Committee Chairman Orrin Hatch (R-Utah) issued a statement following the Trump administration's announcement that the United States, Canada and Mexico have signed the United States-Mexico-Canada agreement:

"Preserving regional trade with two of our most important trading partners is something I have always staunchly supported. Today's signing marks an important step in modernizing a two-decades-old trade pact that has served our economy well. I am continuing to review the deal but I am optimistic that building on these long valued trade relations with Canada and Mexico will help to bolster our economy. In the coming months, Congress will have the opportunity to debate the details of USMCA and consider how it will impact workers and job creators in this country. I encourage my colleagues to take the time to carefully review the agreement and engage in a meaningful dialogue with the administration as intended by Trade Promotion Authority."

Background: The North American Free Trade Agreement (NAFTA) eliminated most tariffs on products traded between the United States, Canada and Mexico between 1994 and 2008. The free trade zone links 487 million people and totals $21.4 trillion in gross domestic product (GDP). To comply with TPA fast-track procedures, the administration still has several requirements to meet, including submitting to Congress the final legal text of the agreement and a draft statement of administrative action at least 30 days before formally submitting the implementing bill.

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