(CNSNews.com) - During a signing ceremony for the United States Mexico Canada Agreement (USMCA) in Buenos Aires, Argentina, President Donald Trump said Friday that the agreement will stop automotive jobs from going overseas and will bring back automotive jobs that have already left.
The president called the USMCA “the largest, most significant, modern, and balanced trade agreement in history.”
The ceremony, which took place during the G-20 Conference, was also attended by Mexican President Pena Nieto and Canadian Prime Minister Justin Trudeau.
“Our nations have also agreed to innovate new measures to ensure fair competition and promote high wages, and higher wages, for U.S. and North American autoworkers. The autoworkers are a tremendous beneficiary,” Trump said.
“Under the USMCA, at least 75 percent of our automobiles' content must be manufactured in North America, and 40 to 45 percent of automobile content must be manufactured by North American high-wage labor in order to gain preferential access to our markets. This will help stop auto jobs from going overseas and it will bring back auto jobs that have already left,” he said.
“Many, many jobs are already planning to come back. Many companies are coming back, and we’re very excited about that,” the president said.
The president’s remarks come on the heels of news this week that General Motors (GM) is laying off 15,000 workers and halting production at several assembly plants including Michigan, Ohio, and Canada.
Trudeau mentioned the GM plant closures in his remarks, calling it a “heavy blow” for Canadian and American workers and their families.
“As I discussed with President Trump a few days ago, the recent plant closures by General Motors, which affects thousands of Canadian and American workers and their families, are a heavy blow. Make no mistake: We will stand up for our workers and fight for their families and their communities. And, Donald, it’s all the more reason why we need to keep working to remove the tariffs on steel and aluminum between our countries,” the prime minister said.
Trump said the USMCA “will support high-paying manufacturing jobs and promote greater access for American exports across the range of sectors, including our farming, manufacturing, and service industries.” He said it also allows the U.S. to “lock in our market access to Canada and Mexico, and greatly expand our agricultural exports -- something we’ve been wanting to do for many years.”
The president called it “an amazing deal for our farmers” that “also allows them to use cutting-edge biotechnology, and eliminates non-scientific barriers.”
“This landmark agreement includes intellectual property protections that will be the envy of nations all around the world. The USMCA also contains robust new provisions on digital trade and financial services, and the most ambitious environmental and labor protections ever placed into a major trade agreement anywhere at any time,” Trump said.
“We have dramatically raised standards for combating unfair trade practices; confronting massive subsidies for state-owned enterprises; and, currently, if you look at it, currency manipulation that hurt workers in all three of our countries,” he said.
“The currency manipulation from some countries is so intense, so bad, and it would hurt Mexico, Canada, and the United States badly. We’ve covered it very well in this agreement,” the president added.