What Could The New USMCA Trade Deal Mean For Texas?
Mexico and Canada are Texas’ biggest trading partners, accounting for $230 billion in 2018. After more than a year of talks, a new trade deal between the two countries and the United States could soon go into effect, pending Senate approval.
The United States-Mexico-Canada Agreement, which would replace the 25-year-old North American Free Trade Agreement, has received largely bipartisan support from Congressional Republicans and Democrats.
The House passed it in an overwhelming vote of 385-41. Now the USMCA, or "NAFTA 2.0," heads to the Senate for ratification anticipated to happen early next year.
What is included in the new trade agreement? How does the USMCA differ from NAFTA? What issues had to be ironed out in negotiations between the three countries? Were concessions made?
How could the USMCA affect Texas businesses and the state's overall economy? Which industries stand to benefit most? What comes next for trade between these North American countries?
- U.S. Rep. Henry Cuellar, TX-28 congressional district
- Raymond Robertson, director of the Mosbacher Institute for Trade, Economics and Public Policy at Texas A&M University
- Jeff Moseley, president & CEO of the Texas Association of Business
- Gerry Schwebel, executive vice president at the International Bank of Commerce in Laredo and member of the U.S.-Mexico CEO Dialogue and the U.S.-Mexico Economic Council
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*This interview was recorded on Monday, December 23.