USMCA would modestly boost U.S. economy, cut vehicle production: analysis

FILE PHOTO: U.S. President Donald Trump, Canada’s Prime Minister Justin Trudeau and Mexico’s President Enrique Pena Nieto sign documents during the USMCA signing ceremony before the G20 leaders summit in Buenos Aires, Argentina November 30, 2018. REUTERS/Kevin Lamarque/File Photo

(Reuters) – The U.S. International Trade Commission estimated the proposed new North American free trade deal would modestly boost the U.S. economy but could reduce U.S. vehicle production.

The economic assessment of the U.S. Mexico-Canada-Canada Agreement, released Thursday, said the trade deal would increase U.S. real gross domestic product by 0.35 pct and add 176,000 U.S. jobs, while raising U.S. exports. The report also found auto industry would see employment rise by 30,000 jobs for parts and engine production, but forecast a decline in U.S. vehicle production and reduction in U.S. vehicle consumption of 140,000 units.

Reporting by David Shepardson, David Lawder and Chris Prentice

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