In the latest State of The Union Address, President Donald Trump spoke about the recently signed United States-Mexico-Canada Agreement.
New Trade Agreement: USMCA
President Trump said the new trade agreement with Mexico and Canada will bring a much higher level, and much greater degree of fairness and reciprocity between each country.
The USMCA replaced the North American Free Trade Agreement, or NAFTA, which was enacted in 1994, to allow free trade between the U.S., Canada, and Mexico since 1994.
“It had become extraordinarily outdated,” said Reba Osborne, the director of government affairs for the Naperville Area Chamber of Commerce. “Since that time there was e-commerce that wasn’t address in the trade agreement, and there was some other outdated factors to it. So President Trump called for early in his administration that he wanted to have it re-worked to have it more current and make it more fair.”
One of the companies that will benefit form the new trade agreement is Spanesi Americas, a local body shop equipment company. In conjunction with the Naperville Area Chamber of Commerce they hosted an event last year in support of the USMCA.
“In the same day of the agreement being singed one of my distributors from Canada who normally orders three measuring systems at a time is now ordering 20 systems at a time,” said Tim Morgan the COO of Spanesi Americas. “So I’d say it has worked out pretty well.”
Morgan said without the USMCA, Spanesi Americas would still be stuck on first gear, but now things for the car company are shifting into a higher gear.
Naperville News 17’s Christian Canizal reports.
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