The U.S. multinationals on Wall Street do not want the USMCA to pass because they don’t want President Trump to have leverage that allows him to continue the fight against China and the EU. It is a simple dynamic, USMCA ratification makes the Wall Street prior investments in China worth less.
In all of these efforts U.S. multinational corporations, big companies on Wall St, are heavily opposed to President Trump because they have invested in those overseas operations. Those companies facilitated the loss of U.S. manufacturing jobs.
Remember, in 2018 the Supreme Court ruled that non-union members cannot be forced to pay for union representation.
That decision led to AFL-CIO President Richard Trumka declaring support in 2019 for illegal aliens having rights to U.S. jobs and collective bargaining.
There is also now a clear alignment between Wall Street multinationals, and democrats like Nancy Pelosi. Wall Street’s ability to pay Pelosi and political leadership to protect their multinational interests; in combination with corporate promises of funding to Pelosi’s party; has created the unholy alliance of united interests.
It is a political strategy and calculation for Speaker Nancy Pelosi, and Minority Leader Chuck Schumer to attempt to sink the U.S. Main Street economy. Weakening Trump’s China confrontation, blocking the USMCA, and impeding a trade agreement between the U.S. and U.K. are part of that calculation.
(Via CNBC) […] Pelosi and Neal’s meeting with Trump’s trade representative follows talks with a key labor leader earlier this week. After a Tuesday meeting with AFL-CIO President Richard Trumka, Pelosi said, “we can reach an agreement on USMCA when the Trade Representative makes the new NAFTA agreement enforceable for America’s workers.”
Their meeting with Trumka came a day after the labor leader said “we are not there yet” on an agreement. He added that “we cannot and support any deal that does not deliver for working people.”
The Trump administration needs to submit ratifying legislation to Congress for the House to move forward with approving the agreement. Once the White House submits text, it starts a 90-day window to approve USMCA.
Mexico has ratified the agreement, while Canada has not.
Labor groups and Democrats have worried the agreement will not go far enough to boost wages in Mexico and stop U.S. companies from moving jobs south. (read more)