Senior Democrat says Trump must change USMCA deal if he wants Congress to pass it

U.S. President Donald Trump’s new trade deal with Canada and Mexico needs changes to secure support from Democrats, according to a senior House Democrat in line to play a leading role on trade policy in the new Congress.

There needs “to be not only changes in the legislation but more enforcement” if the Trump administration wants votes from Democrats, said New Jersey Representative Bill Pascrell, who is in line to chair the Ways and Means Trade subcommittee, on Wednesday.

All three nations are preparing to sign the agreement during the Group of 20 leaders’ summit in Argentina taking place from Nov. 30-Dec. 1. The new trade deal will require approval by the new U.S. Congress that convenes next year.

The Canadian dollar erased an earlier advance of as much as 0.2 per cent and traded 0.1 per cent lower on the day as of 10:20 a.m. in New York, while the Mexican peso reversed most of its 0.9 per cent to trade up by around 0.1 per cent.

–With assistance from Benjamin Purvis.

Bloomberg.com

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