When Will the USMCA Trade Deal be Ratified by the US Government?

Even as trade talks between US and China resumed on Tuesday, White House Chief Economic Adviser Larry Kudlow expressed optimism that the US could soon ratify the new trade agreement with Canada and Mexico, the USMCA. This trade agreement replaces the previous NAFTA trade deal.

Kudlow hoped that US House of Representatives Speaker Nancy Pelosi would permit a vote on this trade deal sometime this summer or latest by fall. According to Kudlow, so far, Pelosi has been accommodating and that the USMCA has received support from leaders across both parties.

Last month, Mexico’s government ratified the deal, while Canada is expected to ratify the trade deal by the summer. On the US side, however, some Democrat leaders have voiced their opposition to the deal, raising concerns about whether the USMCA offers adequate protection to existing labor and environmental regulations.

At stake is mutual trade among the three countries worth $1.2 trillion. Pelosi’s office hasn’t yet confirmed a date for the vote but has stated that discussions on the key concerns remain ongoing with Democrats.

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Arslan Butt
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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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