Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

U.S. lawmakers cite progress on U.S.-Mexico-Canada trade deal, but more work needed

Published 09/18/2019, 09:46 PM
Updated 09/18/2019, 09:46 PM
© Reuters. FILE PHOTO: Rep. Richard Neal (D-MA) looks on prior to a House Ways and Means Committee markup of the Republican Tax Reform legislation on Capitol Hill in Washington

WASHINGTON (Reuters) - Democratic and Republican U.S. lawmakers on Wednesday cited progress in talks with the Trump administration aimed at ensuring passage of a new U.S.-Mexico-Canada (USMCA) trade agreement, but said more work was needed.

House Ways and Means Chairman Richard Neal, a Massachusetts Democrat, and the ranking Republican on the committee, Kevin Brady of Texas, separately told reporters the two sides were exchanging information.

"We're making substantial progress," Neal said. "We believe it might take a couple of more exchanges (with the White House), but the thinking is certainly being refined. And we think we're making headway."

U.S. Vice President Mike Pence on Tuesday said he believed Congress would pass the agreement this year. House Speaker Nancy Pelosi later said Democrats were aiming to ratify it, but still had concerns about enforcement.

Pence, in an interview to be broadcast on Fox Business Network on Thursday, said congressional passage of the deal largely rested with Pelosi.

"It so much comes down to Speaker Nancy Pelosi, who I believe has been dealing with our administration in good faith on this issue," he said.

The Trump administration has been pressing for swift approval of the trade deal, but House Democrats are demanding better mechanisms to enforce labor and environmental standards, and to ensure that the deal does not lead to higher drug prices.

Brady said U.S. Trade Representative Robert Lighthizer has offered "some pretty strong steps" to address Democrats' concerns. However, he added, "there is still more work to do."

All eight living former secretaries of agriculture – Democrat and Republican – have written to congressional leaders to endorse the trade deal, Brady said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

U.S. House Majority Leader Steny Hoyer told reporters he thought Lighthizer was an "honest broker" and had made steps that he called useful and positive, and U.S. labor leaders were positive about trying to get the agreement approved.

Many progressive Democrats remain concerned, however.

Representative Katie Hill, a newly elected California Democrat, spearheaded a letter to Trump signed by 109 other lawmakers that called for USMCA to include binding climate standards and be paired with a decision for the United States to remain in the Paris climate agreement.

"It is laughable that we are now the only country in the world working to isolate ourselves from the critical and commonsensical principles of the Paris Agreement," they wrote.

"We need to stand with our neighbors in Canada and Mexico as members of the Paris Agreement, and we need a North American trade deal that reinforces - not undermines - that agreement."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.