Market News & Headlines >> USMCA Passage Deal Appears Near

There are indications that a deal to pass the U.S.-Mexico-Canada agreement (USMCA), the Trump administration’s redo of NAFTA may finally be near. 

President Trump on Monday reported significant progress on reaching deal on USMCA revisions with House Democrats and Mexican officials. "I'm hearing a lot of strides have been made over the last 24 hours, with unions and others," Mr. Trump told reporters, according to Dow Jones Newswires. "And I hope they put it up for a vote, and if they put it up for a vote, it's going to pass." 

Also, the Associated Press reported on Monday, that, according to an unidentified Democratic aide not authorized to discuss the talks House Democrats have reached a tentative USMCA agreement with labor leaders and the White House. 

Details still need to be finalized and the U.S. Trade Representative must submit the implementing legislation to Congress, the AP reported. No vote has been scheduled. An announcement could come as early as Monday. Speaker of the House Nancy Pelosi, D-Calif., still has to officially sign off on the accord, aides said. The aides requested anonymity because the agreement is not official. 

U.S. Trade Representative Robert Lighthizer negotiated the replacement agreement with Canada and Mexico last year, but the USMCA required congressional approval, and the Democrat majority in the House of Representatives has been seeking changes, including stronger enforcement of stepped-up labor and environmental provisions.