U.S. Steel Industry Applauds Milestone USMCA Trade Agreement
The U.S. steel industry has welcomed the new trilateral trade agreement by the country with Canada and Mexico, in replacement of the North American Free Trade Agreement (NAFTA). The U.S. had agreed with Mexico on the deal in late August. It reached an agreement with Canada Sunday just ahead of the expiry of deadline. Incidentally, the United States-Mexico-Canada Agreement (USMCA) is viewed as the updated version of the 25-year old NAFTA trade agreement between the three countries.
Thomas Gibson, CEO, American Iron and Steel Institute (AISI) appreciated the hard work by the U.S. administration to reach a trade agreement with Mexico and Canada. According to him, the new agreement would prove beneficial for the steel industry, boosting trade and investment in the region. The agreement outlines key provisions that ensure increased use of North American steel by automobile industry, Gibson added. It must be noted that the agreement requires 75% of auto content to be made in North America.
Meantime, Phil Bell, President, Steel Manufacturers Association (SMA) welcomed the changes in the rules of origin and automotive content requirements. The new provisions will promote production and consumption of domestic steel, he said.
The United Steelworkers Union stated that the new agreement includes major improvements over NAFTA. However, a number of key areas including Canada’s inclusion in the Section 232 tariffs on steel and aluminum are still not addressed, it noted.
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