WASHINGTON (WDVM) — In a vote of 89 to ten, the U.S. Senate has approved a new United States, Mexico, Canada trade agreement.
This new agreement will rewrite the rules of trade with Canada and Mexico, replacing the 25-year-old North American free trade agreement, formally known as “NAFTA”, which tore down barriers and triggered trade. This new bill came one day after President Trump signed a new trade deal with China, easing tensions between economic powers. Local senators say this is a great thing for Maryland.
“This agreement will open up opportunity its important for small business in Maryland that export small amounts to Canada and Mexico it’s important for Marylanders because the port of Baltimore is one of the driving engines of our economy so now we will have new imports and exports coming out of Baltimore which means more jobs for Marylanders,” Sen. Ben Cardin said.
The International Trade Commission projected in April that the trade agreement would boost the economy by $68billion and add 176,000 jobs six years after taking effect.