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NAFTA overhaul paves the way for US, Canada auto-manufacturing rally
(Worthy News) - The revised trade agreement between Canada, Mexico and the U.S. should buoy automotive manufacturing in North America and give the Trump administration heightened leverage in its trade negotiations with China.
For U.S. carmakers, the deal concludes months of anxiety over President Trump's promise to renegotiate the North American Free Trade Agreement. The manufacturers had taken advantage of the treaty from the early 1990s to build more cost-effective supply chains that criss-crossed the three member countries, so the White House talks outweighed even concerns over tariffs on steel, aluminum imports and $250 billion in Chinese products.
While analysts predict the pact unveiled late Sunday night will increase production costs, ultimately forcing car buyers to pay more, it should also spur new investment in the three countries from both domestic and international automakers. [ Source: Washington Examiner (Read More...) ]