Steel Trade Body Welcomes House Passage of USMCA

SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) applauded the House passage of the United States-Mexico-Canada Agreement (USMCA) by an overwhelming majority.

The new North American trade deal was passed by the U.S. House of Representatives by a 385-41 vote. It is considered as a replacement for the 1994 North American Free Trade Agreement (NAFTA).

The statement issued by Thomas J. Gibson, president and CEO, AISI noted that the Institute is extremely pleased by the passage of the legislation to implement the new trade deal. This is good news for the steel industry and the nearly two million jobs that are dependent on the industry.

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According to Gibson, the increased cooperation among the three countries will help to effectively adddess the repeated surges of dumped and subsidized steel imports that have caused significant damage to North American steelmakers in recent years. Also, the enhanced provisions outlined in the agreement will boost the supply chain for a number of goods primarily made from steel.

The AISI urged the Senate to pass the legislation as quickly as possible.

Meantime, the consideration of the legislation is likely to face delay, as it may only follow the impeachment trial in January next year.