The US International Trade Commission (USITC) has instituted an investigation to assess the likely impact on the US economy of the new United States-Mexico-Canada Agreement (USMCA), with which President Trump plans to replace NAFTA.
Canada, the United States and Mexico successfully concluded more than a year’s worth of talks last month, finally agreeing on a new agreement to revamp the 24-year-old North America Free Trade Agreement (NAFTA).
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The investigation, ‘United States-Mexico-Canada Agreement: Likely Impact on the U.S. Economy and on Specific Industry Sectors’, was requested by the US Trade Representative and is a requirement under the Bipartisan Congressional Trade Priorities and Accountability Act of 2015. It will assess the likely impact of the agreement on the US economy as a whole, specific industry sectors, and the interests of US consumers.
The USITC’s report, which will be public, is due to the President and Congress no later than 105 days after the President signs the agreement, which he can do no earlier than 30 November.
The USITC will hold a public hearing in connection with the investigation beginning on 15 November and requests to appear at the hearing are due by 29 October. Written submissions for the record are due by 20 December.
Click here to see what the new United States-Mexico-Canada Agreement (USMCA) – also dubbed NAFTA 2.0 – means for apparel sourcing and the new apparel-specific rules of origin.
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