ITC Reports USMCA Will Raise U.S. Real GDP by $68.2 Billion and U.S. employment by 176,000 Jobs
Washington, DC – United States Trade Representative Robert Lighthizer released the following statement today about the U.S. International Trade Commission (ITC) report on the United States-Mexico-Canada Agreement (USMCA):
“We welcome the International Trade Commission’s independent analysis of the USMCA. This report is an important step forward in gaining congressional approval of the USMCA. The ITC analysis shows that USMCA will increase U.S. employment by 176,000 jobs and is projected to increase GDP by 0.35%. This is more than double the 0.15% growth rate the ITC projected for the multilateral Trans-Pacific Partnership. These findings validate President Trump’s action to withdraw from TPP and renegotiate the disastrous NAFTA. With USMCA, we will have stronger growth, more trade and more jobs – particularly in manufacturing. There can be no doubt that the USMCA is a big win for America’s economy.”
Earlier today, the Office of the U.S. Trade Representative released an analysis of the estimated impact the USMCA will have on U.S. investment, purchases of U.S. auto parts, and jobs in the U.S. automotive sector.
The analysis, based in large part on information provided by North American automakers, estimates that over a five-year period the USMCA will result in:
- $34 billion in new automotive manufacturing investments in the U.S.;
- $23 billion in new annual purchases of U.S.-made automotive parts; and
- 76,000 jobs in the U.S. automotive sector alone.
The USTR analysis notes that the USMCA is already helping to stimulate billions of dollars in new auto manufacturing investments in the United States. Fiat Chrysler, Ford, General Motors, Toyota, and Volkswagen have publicly announced recent investments that were partly influenced by their anticipated need to comply with USMCA’s rules of origin.
To read the USTR analysis, please click here.