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Magna International Inc
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Close 2019-09-27 C$ 69.32
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Globe says Magna, other hear new NAFTA in peril

2019-09-30 08:29 ET - In the News

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The Globe and Mail reports in its Monday, Sept. 30, edition that House Ways and Means Committee chairman Richard Neal, the top Democrat charged with getting the revamped North America free-trade agreement through Congress, insists he will not let impeachment get in his way. The Globe's Barrie McKenna writes that Mr. Neal says, "My pursuit of trying to get to 'Yes' is not based on background noise." Mr. McKenna is dubious. He says the buzzing in Mr. Neal's ear is about to become a deafening roar that will consume Washington, and the country, in the weeks and months ahead. That is too bad, because prospects had been looking up for the U.S.-Mexico-Canada Agreement in recent months. With the United States and China in a trade stalemate, both Democrats and Republicans were eager to get trade moving elsewhere. Getting the USMCA ratified was seen as a way to help U.S. farmers, who have been hit hard by Chinese tariffs. Mr. McKenna says the launch of a formal impeachment inquiry into Mr. Trump makes a vote on the deal much less likely, at least in the near term. Trade lawyer Lawrence Herman says, "With impeachment under way, why would the Democrats want to give Trump a victory on trade?"

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