Senator Toomey Statement on Proposed U.S., Mexico, Canada Trade Agreement
Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.) released the following statement regarding the U.S., Mexico, Canada trade agreement announced last evening.
"Converting NAFTA to a bilateral agreement between the U.S. and Mexico was always a nonstarter in Congress and would have dramatically undermined the benefits from our current, longstanding continent-wide free trade zone. As such, the announcement that Canada has joined the U.S. and Mexico in the proposed new NAFTA is a constructive development.
"While the administration's proposal improves some elements of the existing NAFTA, such as strengthened IP rights, increased market access for U.S. dairy processors, and a new chapter on digital trade, other provisions diminish NAFTA's economic benefits and create needless uncertainty. Specifically, I am concerned about the proposal's new expiration date; weakening of protections for U.S. investors; new arbitrary wage mandates on auto imports; side deals establishing quotas on automobile and automobile parts imported from Mexico and Canada; and a failure to eliminate section 232 tariffs on steel and aluminum.
"In the coming days, I will closely review the text of this proposal to see whether the proposed changes, on balance, enhance or weaken the enormous economic benefit we have derived from the original agreement. I also plan to work closely with my colleagues to explore how we may correct some of the agreement's flaws through the required implementing legislation."