Market News: Mid-term elections effect on North American trade agreement.
Last month, we covered the details of the new North American trade agreement that pertained to the auto industry. Since the announcement of USMCA at the start of October, the mid-term elections took place with Democrats taking over control of the House of Representatives. The trade deal could now be upended as it is unlikely it will be passed through the house without changes pushed by Democrats. According to the New York times, “House Democrats are particularly concerned about a provision that would require at least 30 percent of the labor used to build each car in Mexico to be completed by workers earning at least $16 an hour.”
There may not be an immediate conclusion to this update trade agreement so we will continue to follow the story. Keep in the conversation right here with Advanced Remarketing Services and follow our monthly scrap metal market updates and more “Market & Metals” content. Subscribe below to follow our blog via email or check it out on Facebook or LinkedIn.
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