The White House and House Democrats are on the verge of signing an upgraded North American trade deal in what would give President Donald Trump a signature legislative victory, according to several media reports.
The Washington Post reported on Monday that Richard Trumka, president of The American Federation of Labor and Congress of Industrial Organizations, said that Democrats and the White House had come to a deal on the U.S.-Mexico-Canada Agreement (USMCA) and that the labor union was reviewing it.
According to Fox Business, which reported that the “trade agreement [has been] reached,” a final deal could be done in the next 24 hours. It reported that the final deal needs to be ratified by the three countries.
“We have pushed them hard and have done quite well,” Trumka told the Washington Post on Monday. He also said that a deal was in place, and he is planning to meet with his executive committee later on Monday to review the agreement.
On Sunday, the Wall Street Journal also reported that both parties were approaching a deal, citing an anonymous Trump administration official who told the outlet that “we are very, very, very close to completion,” and suggested that the USMCA could be finalized by Christmas.
The USMCA, which overhauls the North American Free Trade Agreement (NAFTA) signed by President Bill Clinton in 1993, requires that 75 percent of automobile components be manufactured in the United States, Canada, and Mexico to avoid any potential tariffs. Another 40 to 45 percent of automobile parts have to be made by workers who make at least $16 per hour by the year 2023.