It’s been a busy stretch for highly touted trade deals. The Trump administration already completed new trade agreements with Japan and South Korea.
Last week, the Senate followed the House of Representatives in approving the U.S.-Mexico-Canada agreement, also known as USMCA, which President Trump signed on Wednesday. In addition, President Trump also signed phase one of a new trade framework with China.
But how good is USMCA? What are the biggest changes compared to the North American Free Trade Agreement? Why is this a big win for the auto industry? And what impact will the new environmental rules have?
Former Commerce Secretary Barbara Franklin played a key role in negotiating and advancing the North American Free Trade agreement in the 1990’s. She explains why it was right to renegotiate and why she thinks the USMCA is an improvement in most cases.
Franklin also sizes up phase one of the China trade deal and what U.S. priorities ought to be in the remainder of the talks.