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Magna International Inc
Symbol MG
Shares Issued 312,260,369
Close 2019-09-27 C$ 69.32
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FP/wire say Magna, others hear Pelosi onside with USMCA

2019-09-27 09:32 ET - In the News

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The Financial Post reports in its Friday, Sept. 27, edition that the United States House of Representatives is proceeding with work on a trade agreement with Mexico and Canada, House Speaker Nancy Pelosi said on Thursday. A Reuters dispatch to the Post reports that the news helps allay worries an impeachment inquiry into President Donald Trump would delay approval of the deal. Ms. Pelosi's support is key to getting the U.S.-Mexico-Canada Agreement (USMCA) passed into law. She said House Democrats had discussed the pact on Wednesday, a day after she announced the inquiry into Mr. Trump. Ms. Pelosi said at a news conference, "We're, again, hoping to be on a continuing path to 'yes'" to approve the deal aimed at replacing the North American free-trade agreement. Ms. Pelosi has not said when she thought a vote could be held for the deal, which must still be approved by U.S. and Canadian legislators. Mexico's Congress has ratified USMCA, but passage through Congress is likely to become harder once campaigns for the 2020 U.S. Presidential election gather momentum. Mr. Trump warned on Wednesday that the inquiry into whether he sought foreign help to smear Joe Biden could derail congressional approval of the pact.

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