USMCA & Trade Update:

After last week’s announcement of the agreement to modify the president’s trade deal, the House moved quickly to ratify the USMCA. The House approved the deal in a vote of 385-41 on Thursday. Now the deal needs to be approved by the Senate, and the Senate Finance Committee is scheduled to hold a markup of the U.S.-Mexico-Canada trade deal on Jan. 7. ABC believes the USMCA will help to ensure certainty in the supply chain and reduce volatility in pricing for building materials from Mexico and Canada to further lift the economy, support more projects and help address the much-needed modernization of our nation’s infrastructure. ABC also believes that the USMCA will further benefit the U.S. economy, with estimates that it will add $68.2 billion to the U.S. economy and create approximately 176,000 new jobs. President Donald Trump also signed off on a phase-one trade deal with China, averting the Dec. 15 introduction of a new wave of U.S. tariffs on about $160 billion of consumer goods. Treasury Secretary Steven Mnuchin said Thursday he has no doubt that U.S. and Chinese trade negotiators will sign their “phase one” trade deal in early January. Beijing agreed to purchase billions of dollars in U.S. agricultural goods, while President Donald Trump said he would not move ahead with a new round of tariffs. The USTR later added that the U.S. will be maintaining 25% tariffs on approximately $250 billion of Chinese imports and reducing duties on $120 billion in products to 7.5% from 15%.