Association of Equipment Manufacturers (AEM) President Dennis Slater issued the following statement on the U.S. International Trade Commission’s (ITC) new report on the impact of the USMCA:
“This is a win for equipment manufacturers, the 1.3 million men and women of our industry, and the entire U.S. economy. This new report by the United States International Trade Commission shows that the United States-Mexico-Canada Agreement (USMCA) not only preserves duty-free market access to two of our most important trading partners, it also shows that we can create 176,000 American jobs and add more than $68 billion to the U.S. economy. However, while these benefits make it clear why Congress must immediately ratify the UMSCA, it must also come with the immediate removal of all tariffs – which continue to hurt the U.S. economy and risk the many benefits of free and fair trade.”
Since the creation of NAFTA two decades ago, equipment manufacturers have benefited greatly from duty-free market access to our industry’s two largest export markets, Canada and Mexico. Equipment manufacturers contribute $188 billion combined to the U.S. and Canadian economies, while Mexico is a more than $2 billion per year export market for U.S. equipment manufacturers.