The new deal known as the United States-Mexico-Canada Agreement — or USMCA — calls for increasing from 62.5 percent to 75 percent the percentage of a car’s parts that have to come from one of the three countries to qualify for duty-free treatment. It also requires that 40-45 percent of an auto’s content be made by workers earning at least $16 per hour. Vehicles not meeting the requirements would be subject to a 2.5 percent duty.
In a statement Friday, United Auto Workers President Gary Jones argued the new deal “is not strong enough … to deter them from moving products and taking advantage of low cost labor. Unfortunately, as GM’s idling of plants in Ohio, Michigan and Maryland this week showed — the ‘New’ NAFTA, as it stands now, is not strong enough to protect American workers.”
Read the article at The Detroit News.
The post How New NAFTA Deal Will Affect Automakers appeared first on Fleet Management Weekly.
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