Sen Elizabeth Warren to Oppose USMCA

Sen. Elizabeth Warren, D-Mass., who is considered a possible Democratic contender for the 2020 White House race, is coming out against President Donald Trump’s renegotiated trade deal with Mexico and Canada, just as the president and his counterparts are set to sign it at the G-20 summit.

The deal, called the United States-Mexico-Canada Agreement, or USMCA, is intended to replace the 24-year-old North American Free Trade Agreement, which Trump repeatedly assailed on the campaign trail and in the Oval Office.

In remarks prepared for a speech Thursday afternoon, Warren said as it’s currently written, “Trump’s deal won’t stop the serious and ongoing harm NAFTA causes for American workers. It won’t stop outsourcing, it won’t raise wages, and it won’t create jobs. It’s NAFTA 2.0.”

usdcad Canadian dollar graph, November 29, 2018

The U.S., Canada and Mexico are expected to formally sign the agreement Friday in Buenos Aires. But the deal must still be approved by Mexican and Canadian legislatures and Congress.

Warren sites items Democrats have long complained about: labor standards, lower environmental standards and rules protecting pharmaceutical companies patents.

“The new rules will make it harder to bring down drug prices for seniors and anyone else who needs access to life-saving medicine,” said Warren.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza