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U.S. labor unions say NAFTA replacement does not go far enough for workers
NEW YORK/WASHINGTON (Reuters) - U.S. labor officials on Tuesday pressed lawmakers to strengthen enforcement of the provisions of the United States-Mexico-Canada Agreement (USMCA) intended to protect workers, the latest sign that the trade deal could face hurdles to passage in the Democrat-led House of Representatives.
Renegotiation of the North American Free Trade Agreement (NAFTA) was one of President Donald Trump’s campaign promises and part of his broader push for better terms of trade for the United States. He has said that bad deals have cost millions of jobs.
Representatives from some of the largest and most influential unions in the United States told lawmakers on Tuesday that the reworked pact does not go far enough to ensure improvement of wages and working conditions, especially for Mexican workers.
“All the NAFTA renegotiation efforts in the world will not create U.S. jobs, raise U.S. wages or reduce the U.S. trade deficit if the new rules do not include clear, strong and effective labor rules that require Mexico to abandon its low wage policy,” Celeste Drake of the American Federation of Labor and Congress of Industrial Organizations said at a House Ways and Means subcommittee hearing.
In late 2018, the leaders of the United States, Mexico and Canada signed the deal to replace NAFTA, but it has yet to be reviewed and ratified by Congress. Trade among the three countries totals more than $1 trillion.
Democrats, who took control of the House of Representatives in January, have traditionally been skeptical of free trade agreements and sympathetic to labor groups. Their support is essential to USMCA’s passage.
USMCA requires its three signatories to maintain labor laws in line with international standards, and to enforce them. But critics have called the agreement’s enforcement mechanism insufficient, saying it will still allow weak unions and resulting low wages in Mexico, while failing to stanch the flight of U.S. factories to lower-cost Mexico.
NAFTA, launched in 1994, put labor provisions in an unenforceable addendum to the agreement, allowing Mexican wages to stagnate despite a flood of factory investment from U.S. companies.
https://www.reuters.com/article/us-usa-trade-labor-idUSKCN1R72H2
Mkt Recap with Apple/Quallcomm Legal Decision
NAS
Volume 1,813,696,284
Avg. Volume 3,231,962,459
DOW- A little closer to average however the daily avgs have been coming down with the action from start of the year
Volume 303,091,221
Avg. Volume 323,129,836
SP500
Volume 1,902,292,160
Avg. Volume 3,788,681,639
AAPL Angst & Housing Horrors Hamper Stocks As Yield Curve Hits New Lows
Bonds to Stocks.
China stocks had another ugly session overnight.
European markets managed gains on the day led by France & Germany.
US Futures started to ramp as Asia opened, and again as Europe opened then accelerated through the US open, hitting a wall around the EU close and zig-zagging lower from there.
On the cash side, Trannies (Dow Jones Transportation Average) and Small Caps outperformed with The Dow lagging…Ubiquitous closing panic-bid of course.(see cap 4)
The opening spike was yet another big short-squeeze.
AAPL tumbled back below its 200DMA after the QCOM decision.
Apple dealt legal blow as jury awards Qualcomm $31 million
https://www.cnet.com/news/apple-qualcomm-patent-infringement-verdict/
Credit markets ended the day wider in spread but rallied all day after the gap at the open.
rest at link(s)
https://www.zerohedge.com/news/2019-03-26/aapl-angst-horrible-housing-data-hammer-stocks-yield-curve-hits-new-lows
https://www.marketwatch.com/investing/bond/tmubmusd10y?countrycode=bx
If financial terms are unfamiliar to you here is a link that can help de-mystify some of the language used.
https://www.investopedia.com/
trips confirm
be careful with rec'd that to anyone anon. sometimes the easiest thing to see is the hardest to accomplish-especially when Wall Street is involved
this will bring them back-especially the connections to hussein's spending spree. It was well over the 'advertised' amounts.