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Free AccessMNI POLICY: Purdue & Ex-Ag Chiefs Urge Congress to Pass USMCA
Trade pact with Mexico and Canada will boost U.S. exports
By Brooke Migdon and Alexandra Kelley
WASHINGTON (MNI) - Secretary of Agriculture Sonny Purdue urged Congress to
ratify the United States-Mexico-Canada Agreement as soon as possible, saying it
would help farmers by boosting exports.
"Support for USMCA crosses political boundaries," Purdue said at a press
conference Thursday where he was joined by predecessors Tom Vilsack, Dan
Glickman and John Block.
President Trump's Republican administration has been urging Congress for
months to ratify the agreement, with most resistance coming from Democrats. The
pact to replace NAFTA has already been approved by Mexico while Canadian leaders
have delayed completing the deal to see how fast the U.S. acts.
Farmers are already feeling some "anxiety" stemming from other trade and
tariff concerns, said former secretary Glickman, who voted for NAFTA in 1993.
"That uncertainty would be much worse if we don't get a trade agreement with our
neighbors, Mexico and Canada," he said. "If we can't work out with them, we
can't work out with anyone."
Secretaries said enforceability clauses will motivate Mexico and Canada to
comply with new trade stipulations, and the agreement calls for periodic reviews
to ensure all parties are meeting USMCA standards. They also said ratification
of USMCA would generate momentum to negotiate similar agreements with China and
Japan.
"Get it done and then move onto the next," former secretary Block said.
Agricultural exports from Canada and Mexico, two of the largest U.S. export
markets, total $39.7 billion and support more than 325,000 American jobs,
according to the Department of Agriculture. Farm exports are critical to the
U.S. economy, with farm production exceeding domestic demand by 25%.
The secretaries implored Congress to expedite the approval of USMCA and
move past any of the agreement's perceived shortcomings.
"We can't let the perfect be the enemy of the good," Block said. "This deal
is good for America and good for farmers at a particularly vulnerable time."
--MNI Washington Bureau; +1 202 371 2121; email: brooke.migdon@marketnews.com
--MNI Washington Bureau; +1 202 371 2121; email: alexandra.kelley@marketnews.com
[TOPICS: M$U$$$,MC$$$$,MGU$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.