WASHINGTON, Jan. 29 -- U.S. President Donald Trump on Wednesday signed the revised United States-Mexico-Canada Agreement (USMCA) into law in an outdoor ceremony on the White House South Lawn.
Hundreds of guests were invited to attend the ceremony, including U.S. workers, farmers, CEOs, lawmakers, and officials from Mexico and Canada. Democratic leaders who negotiated with the administration for months over the revision and helped secure the House passage, however, were absent.
"We have replaced a disastrous trade deal," the U.S. president said in the ceremony, referring to the 26-year-old North American Free Trade Agreement (NAFTA).
"The USMCA is the largest, fairest, most balanced, and modern trade agreement ever achieved," Trump said, calling it a "colossal victory" for U.S. farmers, ranchers, energy workers and factory workers.
The agreement is estimated to add another 1.2 percent to U.S. Gross Domestic Product (GDP) and create countless new American jobs, said the president.
While the Trump administration has touted the USMCA as pro-growth, a recent analysis published by the Peterson Institute for International Economics (PIIE) showed that the deal is "a net negative" for all three economies.
The USMCA modernizes trading rules and strengthens the enforcement of labor and environmental rights, but its restrictions on auto trade and investment and on auto production "will hurt U.S. industry," said PIIE trade economists Mary Lovely and Jeffrey Schott, authors of the analysis.
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