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Automaker groups warn U.S. tariffs will undermine new NAFTA deal

By David Lawder

WASHINGTON (Reuters) – U.S. automakers and parts suppliers on Thursday warned that President Donald Trump’s steel and aluminum tariffs and threatened car tariffs would undermine the benefits of the new deal to modernize the North American Free Trade Agreement, causing widespread job losses.

At a wide-ranging hearing before the U.S. International Trade Commission, labor representatives said the new U.S.-Mexico-Canada Agreement (USMCA) fails to include adequate enforcement of labor standards, while Southeastern U.S. fruit and vegetable growers said it leaves them vulnerable to subsidized Mexican competition.

The testimony will feed into a study by the commission on the economic impact of the trade deal reached on Sept. 30, which could heavily influence support for it in the U.S. Congress. A vote on the pact is not expected until the spring of 2019, following a lengthy consultation process.

Read more at : https://www.investing.com/news/stock-market-news/automaker-groups-warn-us-tariffs-will-undermine-new-nafta-deal-1690364

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