Farmers that we all represent. Thank you for being here. Our countrys important trading partners according to the International Trade commission. The year 2017, more than one third of americas merchandise exports went to mexico and canada. In that year, mexico and canada imported more than half 1 trillion of american goods, plus more than 91 billion of American Services for iowa. On mexico tolars canada. Support 130,000 jobs. Foundation of a strong trading relationship with mexico and canada has been thus far nafta. Mexico andstates canada negotiated that agreement between 1990 and 1993 at the time it was a new standard of trade agreements. It helped to mexico reform indoor market economy. Enabled american businesses, workers, farmers and ranchers to sell our goods and services in mexico and canada without tariffs and without nontariff barriers that for decades had burdened our ability to complete in compete in those two countries. The u. S. Economy and global trade have changed dramat
Canadian dairy market. There are changes, for example, content in cars manufactured in north america. Countries, it e raises the content required to a dutyfree treatment 75 . 62. 5 to nd also would require between 40 to 45 of all cars or car to s made in north america come from factories or places where the average pay for about 16. Rules e changes on those of origin are designed to favor he United States and canada, which tend to have higher pay cales, and will be providing more of the material. So it includes those things as maintaining sort of this relationship, this trading relationship thats more than a a year thats s developed among the three countries. Report, in the roll call, the House Democratic mca, ng group on the u. S. Head lined one of your roll call pieces, democrats say support nafta depends on trump. Those democrats have been meeting with the trade representative robert lighthouser, how is that going so far . Well, at this point i its mostly staff from u. S. Tr and u.
More relevant than others. On television and online, cspan is your unfillerred view of unfiltered view of government so you can make up your own mind. Brought to you as a Public Service by your cable or satellite provider. Now, the Senate Finance Committee Examines the u. S. Mexicocanada trade agreement. Former agriculture secretary tom vilsack, along with a panel of trade and industry representatives, testified on how the usmca could impact the average american as well as how it differs from the 1994 north American Free trade agreement. Meeting will come to order. We welcome our witnesses. Were here to have testimony from a range of industries to tell us about the importance of the United Statesmexicocanada agreement, and we soon are referring that to always as usmca. We look forward to hearing from our witnesses about the significance of the agreement to american businesses, both small and large, the workers, the farmers that we all represent. Thank you for being here. Mexico and can
Please dont leave me, girl. Dont you go. Aint too proud to plead, baby, baby. Please dont leave me, girl. Cheryl welcome to fbn a. M. Good morning. Im cheryl casone. Lauren good morning, everybody. Im lauren simonetti. Lets take a look right now at how your money is moving this morning. Futures down in the u. S. , dow is off 45, nasdaq down 24. Cheryl yield on the 10 year treasury right now as we see a collapse in the global bond market, down 6 basis points, 2. 02 . Lauren Consumer Confidence plus new home sales due, plus jay powell will give his thoughts on the economy this afternoon. Cheryl tensions in iran continued overnight. Lets look at oil. It is unchanged right now, 57. 90. Lauren looking ahead to the g20, stocks in asia lower across the board. The hedge sensinhang seng down,. Cheryl in europe, markets all in the red. Lauren iran declaring the permanent closure of diplomacy with washington in response to President Trumps new sanctions targeting the Supreme Leader. Cheryl ray bo
You today to testify on the president s trade jaeagenda ande newly renegotiated United States mexico canada agreement. I would like to begin by notie ingnoteing that the American Economy is growing well. Were growing substantially faster than any other g7 country. We added 5. 8 million jobs since the 2016 election. Notab notably, 500,000 of those jobs are in manufacturing. The Unemployment Rate of 3. 6 is the lowest in half a century and has been at or below 4 for 15 consecutive months. Hourly wages were up some 3. 1 over the last 12 months. And contrary to what one hears, exports are growing. Indeed, 2018 was the highest year in our history for exports of both goods and services. While agricultural exports in 2018 were not the highest in history, they were up over 2017 and 2016. Im pleased to present the trade policy agenda at the 2018 annual report of the committee. This document, which u. S. Put out usgr put out recently outlines the administrations trade priorities and catalogs rec