WASHINGTON – The long journey of President Trump’s replacement for the increasingly hated NAFTA legislation got through its penultimate hurdle Thursday. The US Senate passed the US-Mexico-Canada Agreement (USMCA) with overwhelming bipartisan support. The final tally: 89-10 in favor of the agreement, which was essentially completed over 14 months ago. The legislation now heads to the White House for President Trump’s signature, putting USMCA into effect. (Once Canada issues its final approval.)
More on USMCA passage
The expected hang-ups that delayed the final legislation took into account Democrat worries. Party leadership claimed the deal didn’t go far enough to beef up labor standards and environmental concerns, particularly in Mexico. Once all three countries reached agreement with the inevitable USMCA emendations, it began its formal legislative journey. Wending its way through the otherwise impeachment-obsessed house and onto the Senate, the bill now heads for the President’s desk.
Most Democrats, it seems, were willing to sign onto the USMCA as amended with their expected input. This gives Democrat members of the House at least one significant, positive and bipartisan accomplishment to carry with them into the fall elections.
A deal for America’s workers…
Democrats have not been particularly energetic in retaining American workers in its distinctly hard-left leaning political coalition. But they did endorse the broad logic of replacing NAFTA with a better deal for the middle and blue-collar working classes.
“The trade agreement makes several tweaks to the North American Free Trade Agreement, which took effect in 1994. Trump and Democrats alike argue the deal, which opened more free trade across the three countries, damaged American workers by encouraging companies to move jobs out of the U.S.
“USMCA opens Canadian dairy markets to American producers. It creates stricter rules for auto part rules of origin, and requires at least 40% of the parts for a car to be produced in plants where workers make at least $16 an hour.
“It also aims to update digital trade and copyright rules, among other changes.
“The changes to labor enforcement mechanisms got House Speaker Nancy Pelosi and massive union federation the AFL-CIO on board. Trade skeptics in the Senate such as Sherrod Brown, D-Ohio, backed USMCA. Brown opposed NAFTA as a House member.”
With the impeachment trial beginning next week in the upper chamber, the Senate quickly pushed USMCA over the finish line rather than delay it for the trial, which could continue for hours, days, weeks or months.
… and more winning for President Trump
Despite the overhang of what’s likely to be a circus-like impeachment trial, the final passage of USMCA gives President Trump his second international trade victory of the week, given Wednesday’s signing of Phase 1 of a new and continuously evolving US-China trade deal here in the nation’s capital. The structure of this agreement does not require Congressional approval, so it will, presumably, go into effect immediately. Are we sick of all the winning yet?
Democrats and Deep Staters unearth more Trump “evildoing”
Regarding that trial, all of a sudden, and without obvious warning, it seems the Ukraine government just opened in investigation into the possibility of “someone” spying on the former but now removed US Ambassador to that country, the virulently anti-Trump Marie Yovanovich. But what motivated the Ukraine government to do that? A payoff, maybe, to lay off the Joe and Hunter Biden stuff?
This bought and paid-for action is clearly another link in the endless chain the hard-left Democrats and the Deep State have forged to assure that not a day goes by without another baseless charge being lodged against the President. It also demonstrates that this political Axis of Evil still has some measure of control over key Ukraine officials. Perhaps some day, we’ll learn that all this and more constituted the real Russian collusion scandal. (See below.)
The Axis clearly remains desperate to obscure a major locus of their seditious and criminal attempt to overturn a Presidential election. The Trump presidency was definitively not part of their battle plan to turn the US into a one-party Marxist state. Look for the Democrats to insert this latest nonsense into their “prosecution” of Trump in the Senate. “And the beat goes on….”
ZeroHedge chimes in on the latest anti-Trump “bombshell”
ZeroHedge specifically singles out this surprisingly convenient new “bombshell” in a Thursday column.
“…we’re sure the Dems will use this as an excuse to revive the Russian interference narrative [in the upcoming impeachment trial].
“Of course, when the Dems inevitably push to call [former Rudy Giuliani associate Lev] Parnas as a witness, Republicans can counter with a totally legitimate political quid pro quo: Calling Parnas as a witness in exchange for calling Hunter Biden.”
Once again, the really disgusting element of the House Democrats’ elaborate fake-kabuki stunt is that the passage of USMCA – the only significant legislation they’ve dealt with in over a year of controlling the lower chamber – is literally the only thing they’ve accomplished for their constituency and the nation as a whole.
Democrat voters: The Democrat Party you think you’re voting for no longer exists
Average American voters and the many wealthy business magnates who routinely vote for Democrats really need to ask themselves the following question. “What the hell are taxpayers paying these people for?” Sadly, if there really is a breaking point for these kneejerk voters, I have yet to see it. The old Democrat Party they’ve been loyal to is long gone. We’re dealing with America’s first-ever, power-wielding Marxist-Stalinist Party. Wakey-wakey, people.
But Wall Street parties on. At least today…
Interestingly, Wall Street apparently has little if any interest in The Swamp’s Byzantine, increasingly Stalinist political machinations. Traders and investors have a little piece of what’s likely to be an ongoing revision of the previously dysfunctional China trade proposition. Happy time reigns once again in US stock and bond markets. Today, anyway.
And from nearly the moment that President Trump flourishes his pen to sign USMCA, the agreement is good to go. (Barring any nonsense from Canadian PM Trudeau). The agreement will also boost trade and reverse, to some extent, the ruinous flow of American jobs to Mexico and perhaps elsewhere.
Wall Street likes it.
As we write this article, circa 1 p.m. ET, the Dow stands at approximately 29,200, up 16 points (+0.57%), and once again in record territory. The broader-based S&P 500 is doing a bit better, standing at 3,307, up 18.14 points (+0.55%). And the tech-heavy NASDAQ, after a rough day Wednesday, is back in its bullish mode, standing at 9,315 and change, up 56.35 (+0.61%).
On a more cautious note: I still think Mr Market is getting ahead of himself, and I’m reluctant to do much buying here. Some kind of nasty correction is inevitable, simply to work off current market excess. But no one (except maybe the gnomes of Zurich) really knows when a correction will kick in or what will cause it. If the threats of WWIII and an impending presidential impeachment trial don’t do it, I don’t know what will.
– Headline image: xxx