USMCA could generate $100B per year in added GDP: Larry Kudlow

By White HouseFOXBusiness

Larry Kudlow: USMCA is hugely important to the American economy

National Economic Council Director Larry Kudlow on U.S. economic growth, Federal Reserve policy, high-tax states such as New York, trade talks with China and USMCA.

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.

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“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.

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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.

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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.