USMCA the new NAFTA
The new agreement requires at least 70 percent of an automaker’s steel and aluminum to be bought in North America, which could help boost United States metal production. And 40 to 45 percent of a car’s content must be made by workers earning an average wage of $16 an hour. That $16 floor is an effort to force auto companies to either raise low wages in Mexico or hire more workers in the United States and Canada, an outcome Democrats have long supported.
It also rolls back a special system of arbitration for corporations that the Democratic presidential candidate Elizabeth Warren has criticized as allowing companies to bypass the American legal system and Trump administration officials describe as an incentive for companies to send their factories abroad.
The pact also includes, at least on paper, provisions that aim to do away with sham Mexican labor unions that have done little to help workers by requiring every company in Mexico to seek worker approval of collective bargaining agreements by secret ballot in the next four years.
That is from a week ago, supposedly the actual deal with be somewhat more interventionist and anti-trade than that. Here is more from Ana Swanson and Emily Cochrane of the NYT.