Lutnick Says Trump Will Renegotiate Trade Pact With Canada, Mexico Next Year

Secretary of Commerce Howard Lutnick said on Sunday that President Donald Trump will renegotiate the United States-Mexico-Canada Agreement (USMCA) when the trade pact is due for review next year. The USMCA, enacted during President Donald Trump’s first term in July 2020, replaced the North American Free Trade Agreement. The agreement requires that 75 percent of automobile components be made in the United States, Mexico, or Canada for a vehicle to qualify for tariff-free treatment. The trade agreement also mandates that up to 45 percent of parts and components be made by workers earning at least $16 per hour, according to the U.S. Trade Representative’s office....