U.S. President Donald Trump's rewrite of North American trade rules will co...
WASHINGTON - U.S. President Donald Trump’s rewrite of North American trade rules will cost automakers nearly $3 billion more in tariffs over the next decade for cars and parts that will not meet higher regional content requirements over the next decade, the Congressional Budget Office estimates.
USMCA, the replacement for the 26-year-old North American Free Trade Agreement is expected to pass the House with broad support from Republicans and Democrats. CBO said its estimate assumes that some vehicles and parts would not be eligible for USMCA’s tariff-free access. CBO said some agricultural product imports that are now subject to duties would be replaced by duty-free Canadian products as a result of USMCA,
The ITC report estimates that annual U.S. real gross domestic product would increase by 0.35%, or $68.5 billion, on an annual basis compared to a NAFTA baseline, and would add 176,000 U.S. jobs while raising U.S. exports.
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