BREAKING: President Trump signs the new US-Mexico-Canada trade agreement Wednesday morning, with some 400 guests including farmers, CEOs and workers in attendance.
Zandi said the deal could provide a lift at the margins to the automotive and dairy industries, but would not generate the kinds of figures the White House has pushed, like $68 billion in new economic activity and 176,000 jobs.
Exiting NAFTA without replacing it would have forced the three nations to revert to WTO rules around trade, which would have upended supply chains and disrupted production throughout the continent. “The phase one trade deal with China will also have no macroeconomic impact, except forestall an escalation in the U.S. trade war with China, which would have likely pushed the global economy into recession,” Zandi said.
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