Opinion: USMCA continues track record of American prosperity
This week, the United States-Mexico-Canada Agreement (USMCA) was signed into law, giving President Donald Trump and Republicans yet another legislative victory. However, the USMCA isn’t just a victory for the White House, this renewed trade deal is a real victory for the American people.
Simply put, the American economy is thriving when the American people are thriving.
Thanks to the president’s leadership, the American people — not the government — are empowered to grow our economy. We’ve seen firsthand the success of the president’s America First policies, and the Tax Cuts and Jobs Act is a glowing example.
7.3 million jobs have been created across our nation, including 500,000 manufacturing jobs crucial to our Michigan economy. Unemployment is at a 50-year low of 3.5%, including record low unemployment for African Americans, Latino Americans, Asian Americans and Women. Wage growth has been near or above an impressive 3%.
And these national trends translate to Michigan’s thriving economy. On average, Michigan families have seen a tax cut of $1,437, and 85,100 jobs and 288 new opportunity zones have been created. In 2018, the Michigan economy grew by 2.5%, the best year since 2011. Over 243,600 Michigan residents have come off food stamps under this administration.
The Big Three have announced over $6 billion in reinvestment in Michigan. Ford is creating 3,900 new jobs and investing $2.45 billion, including $500 million in Rivian, a Detroit truck startup. Fiat Chrysler is set to invest $4.5 billion into Michigan plants and creating 6,500 new jobs. And look no further than Monday’s announcement from GM that it would be investing $2.2 billion into the Detroit-Hamtramck plant, creating 2,200 additional jobs.
That’s why the USMCA is more great news for hard-working families, keeping us on track for continued prosperity. This improved trade agreement will further expand our already exceptional economic growth and create more opportunities for all Americans.
As a border state, the treaty is especially beneficial for Michigan’s workers and their families. In 2018, our largest markets were Canada ($270.6 billion in exports) and Mexico ($237.3 billion in exports). Under the USMCA, this will only skyrocket.
This trade deal will create 176,000 new jobs and add $68.2 billion to our economy, much of which we expect to be concentrated in Michigan. No wonder that, across the breadth of our economy, hardworking Americans have welcomed ratification of the USMCA.
Renewed trade agreements like the USMCA bust open the door for our producers to compete and win globally and lends a hand to the revitalization of the industries vital to our state's success. This historic agreement is a win for Michigan’s farmers, manufacturers and workers.
With its secure, enforceable provisions the USMCA will bring our trade relationship with Mexico and Canada into the 21st century, lending even more opportunities for the American people.
Interesting how many of the same people, who said comprehensive tax reform was unattainable, also claimed fixing NAFTA couldn’t be done?
Even as Democrats continue to hail partisan attacks against him – President Trump leveled the economic playing field to increase prosperity for Michiganders and their families.
It’s only right the president is visiting the automotive capital of the world, the day after signing the USMCA, to celebrate what this monumental deal means for our state.
President Trump kept his promise, proved the doubters wrong, and got this trade deal exactly right by putting America and American families first.
Laura Cox is chair of the Michigan Republican Party.