U.S. Senator Elizabeth Warren Voices Opposition To USMCA


U.S.Senator Elizabeth Warren, who is considered a possible Democratic contender for the 2020 White House race, is coming out against President Donald Trump’s renegotiated trade deal with Mexico and Canada, just as the president and his counterparts are set to sign it at the G-20 summit.

The deal, called the United States-Mexico-Canada Agreement, or USMCA, is intended to replace the 24-year-old North American Free Trade Agreement, which Trump repeatedly assailed on the campaign trail and in the Oval Office.

In remarks prepared for a speech Thursday afternoon, Warren said as it’s currently written, “Trump’s deal won’t stop the serious and ongoing harm NAFTA causes for American workers. It won’t stop outsourcing, it won’t raise wages, and it won’t create jobs. It’s NAFTA 2.0.”

USD/CAD for Nov. 29, 2018.

USD/CAD for Nov. 29, 2018.

The U.S., Canada and Mexico are expected to formally sign the agreement Friday in Buenos Aires. But the deal must still be approved by Mexican and Canadian legislatures and the U.S. Congress.

Warren sites items Democrats have long complained about: labor standards, lower environmental standards and rules protecting pharmaceutical companies’ patents.

USD/MXN for Nov. 29, 2018.

USD/MXN for Nov. 29, 2018.

“The new rules will make it harder to bring down drug prices for seniors and anyone else who needs access to life-saving medicine,” said Warren.

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