U.S. Treasury Secretary Steven Mnuchin said Trump's efforts to rebalance U.S. ties with its major trading partners were bearing fruit, and boosting U.S. economic growth.
The bill is expected to be quickly signed by U.S. President Donald Trump, but the trade deal still needs to be approved by Canada's Parliament before it goes into effect.
When Trump spoke to the American Farm Bureau Federation's convention previous year, he urged farmers to continue supporting him even as they suffered financially in the fallout from his trade war with China and a partial shutdown of the federal government.
"You stayed in the fight", said Trump.
In today's Your Money Matters, Clint Lee and I discuss some little-known tidbits we discovered in the deal that will create opportunities for investors like you.
"We've long waited for this day and now USMCA will finally head to the President's desk", U.S. Secretary of Agriculture Sonny Perdue said. Under the deal, for instance, China is supposed to buy $40 billion in USA agricultural products a year - a wildly ambitious goal considering that it's never bought more than $26 billion a year and that during the trade war it has redirected some of its farm purchases to other exporting countries.
The agreement includes pledges from China to beef up purchases of United States agricultural goods and other exports for two years, provides some protections for U.S. technology, and new enforcement mechanisms that allow Washington to quickly impose penalties that Beijing can not respond to.
"I think it's going to work out and I think China is going all out to prove that the agreement that we signed is a good agreement", he added.
The president argued additional benefits would be realized under his Nafta reboot, the U.S. -Mexico-Canada Agreement, which improves market access for American dairy, poultry and eggs in the two neighboring countries.
USMCA encouraged automobile, auto parts, tubes and machinery to use the steel made in North America, and it was estimated 90% of US-made steel products will be sold to Canada and Mexico, said American Iron and Steel Institute (AISI).
"This is an incredible success for our entire country", Trump said Sunday evening at a rally in Austin, Texas. "This agreement will support the millions of U.S.jobs that depend on free trade with Canada and Mexico and will ensure the continued availability of affordable everyday necessities for American families".
The pact aims to have more vehicles made in the US and requires Mexico to revise its laws to facilitate the formation of independent unions, which should benefit workers and reduce the incentive for American companies to relocated their factories.
While the VP and three other Chinese officers stood to his right, Trump strayed from his remarks with criticism of the "fabrication" that he calls impeachment and of the way in which U.S. That's what i get out of it.
"I must make it known that if Mexico, with or without the support of the USA, fails to act on securing this highway and the Mexican side of our ports of entry, it is only a matter of time before another person is killed - Mexican or US citizen - due to this senseless violence that seems to now be the norm", Gonzalez said. "That's what I get out of it".