House Democrats handed the president one of his biggest legislative victories, unveiling an updated North American trade deal just an hour after announcing two articles of impeachment against the president.

Democrats and the White House finalized a deal after a year of going back and forth to create a replacement for the North American Free Trade Agreement (NAFTA). The new legislation strengthens worker protections and includes provisions on the environment, big pharma, and enforcement. The United States-Mexico-Canada Agreement (USMCA) was signed more than a year ago and now the changes will be voted on in the House and the Senate. The revisions then need the signature of the U.S. president and the expected approval from Mexico and Canada.

"This is a day we've all been working to, and working for, on the path to yes," House Speaker Nancy Pelosi said.

"We were in range for a while but until we could cross a certain threshold of enforcement for our workers' rights, for the environment, and for the prescription drug issue, as you know, they were three of the areas that we had put out there," Pelosi explained.

She said the new trade agreement is "much better" than NAFTA and "infinitely better than what was initially proposed by the administration."

House Ways and Means Committee Chairman Richard Neal (D-Mass. 1st District) said it is rare to participate in a "never happen moment and we are witnessing that today." Neal led talks with the administration and said the new deal was a "triumph" for U.S. workers. Democrats negotiated policy changes particularly on prescription drug pricing, protection for workers, and the environment.

The President weighed in on Twitter and said: "America's great USMCA Trade Bill is looking good."

To applause, Rep. Jan Schakowsky (D-Ill. 9th District) said the "new and improved" deal "prevents big pharma from raising the price of prescription drugs across the United States, Mexico, and Canada… we eliminated provisions that undermine Congress' ability to change domestic policy that lead to high drug prices."

Share:
More In Business
Boeing defense workers on strike in the Midwest turn down latest offer
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
FBI’s NBA probe puts sports betting businesses in the spotlight
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla’s profit fell in third quarter even as sales rose
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Load More