“Implementation of the USMCA is critical to strengthening the steel industry’s competitiveness in the face of the continued challenges from global excess capacity and weakening demand. We urge Congress to quickly pass this new trade agreement before the end of this year,” said Thomas J. Gibson, president and chief executive of the American Iron and Steel Institute. 

Steel Manufacturers Association President Philip K. Bell echoed those comments, saying “We praise the efforts of U.S. Trade Representative Robert Lighthizer and his team to renegotiate a robust and comprehensive North American trade deal that is good for the economy, workers, and steel industries in the region. Now that we have a deal in place, SMA and its members call upon Congress to move quickly toward an affirmative vote on USMCA,” he said. 

The new agreement, among other things, lifts the 25% tariff on steel and aluminum from Canada and Mexico. It also revises the content requirement for a cars and light trucks. Now, 75% of the value of a completed car or truck must originate in North America. 

You can read more about the new agreement here and here.