The USMCA is expected to create 80,000 new jobs just within the automotive industry. It is also expected to raise the gross domestic product, once fully implemented, by 1.2 percent.
President Trump signed the historic United States-Mexico-Canada Agreement, replacing the Clinton-era North American Free Trade Agreement that he called a “disaster.”
The USMCA, which is the biggest trade deal of all-time, covers more than $1.3 trillion of commerce, and is the second major trade deal secured by the Trump administration this year. The agreement has already been ratified by Mexico, but not yet by Canada.
"You're going to see more jobs all across the economy, in the automobile sector, in the agricultural sector and of course in the energy sector as well," Energy Secretary Dan Brouillette told FOX Business' Maria Bartiromo on Wednesday.
The USMCA requires 75 percent of automobile components be manufactured in the United States, Canada or Mexico in order to avoid tariffs. By 2023, some 40 to 45 percent of automobile parts must be made by workers who earn at least $16 an hour.