Top White House economic adviser Larry Kudlow told FOX Business that the new United States-Mexico-Canada Agreement (USMCA), which will replace NAFTA, will add billions of dollars to the U.S. economy and create hundreds of thousands of jobs.
Continue Reading Below
“I want to put in a plug for USMCA which could produce $100 billion per year in added GDP. Maybe 170,000 to 180,000 jobs, that’s a huge thing, American farmers will benefit,” Kudlow said during an interview on “Varney & Co.” Monday.
The Trump administration trade deal to replace the North American Free Trade Agreement may lead to labor reform laws in Mexico, a move spearheaded by U.S. Trade Representative Robert Lighthizer. The Mexican labor movement that has kept wages low for the country could push USMCA closer toward approval.
Kudlow said USMCA is “hugely important” to the American economy and he is hopeful Congress will sign the trilateral trade deal. “We’re hoping that [House] Speaker [Nancy] Pelosi, who’s been very cooperative so far, will give us a vote in the near future,” he said.