This is a CEI press release, originally posted here.
“The revised NAFTA/USMCA trade agreement should be less urgent for Congress than reining in the President’s out-of-control tariff-making authority. Parts of NAFTA could use an update, but Canada, Mexico, and the United States already have a mostly tariff-free trading relationship. New tariffs passed under President Trump against China, Europe, and numerous allies are a bigger problem that Congress should fix. Trump tariffs are causing thousands of layoffs and billions of dollars of economic damage, everywhere from the steel and auto industries to farm exports. They could cost the U.S. as much as a percentage point of economic growth going forward, or roughly $200 billion per year. The tariffs have also greatly increased the risk of recession. If President Trump wants to pass USMCA so badly, part of the deal should be returning his tariff-making powers to Congress where they belong.”