Major Point of POTUS's G-20 Speech:
As part of our agreement, the United States will be able to lock in our market access to Canada and Mexico and greatly expand our agricultural exports, something we have been wanting to do for many years.
This is an amazing deal for our farmers and It also allows them to use cutting-edge bio-technology and eliminates non-scientific barriers.
Our nations have also agreed to inovate new measures to ensure fair competition and promote high wages and higher wagers for U.S. and American auto workers. The auto workers are a tremendous beneficiary.
Under the USMCA, at least 75% of our automobiles content must be manufactured in North America and 40-45% of automobile content must be manufactured by North American high wage labor in order to gain preferential access to our markets.
This will help stop auto jobs from going overseas and will bring back auto jobs that have already left. Many, many jobs are already planning to come back. Many companies are coming back.
This landmark agreement includes Intellectual Property protection that will be the envy of nations all around the world.
The USMCA also contains robust new provisions on digital trade and financial services and the most ambitious environmental and labor protections ever placed into a major trade agreement anywhere at any time.
We have dramatically raised standards for combatting unfair trade practices, confronting massive subsidies for state-owned enterprises; and, currently, if you look at it, currency manipulation that hurt workers in all three of our countries. The currency manipulation from some countries is so intense, so bad and it would hurt Mexico, Canada, and the United States badly. We have covered it very well in this agreement.
These new provisions will benefit labor, technology and development in each of our nations leading to much greater growth and opportunity throughout our countries and across North America.
This is an agreement that, first and foremost, benefits working people, something of great importance to all three of us here today.
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