One of the key sectors gaining benefit from the USMCA trade agreement is the auto sector.  Rules on steel and aluminum smelting/origination, and rules on part origination from North America are key aspects to the trade agreement that shifts focus from the import of Asian manufactured parts for assembly to manufacturing in North America.
Essentially, seventy-five percent of the component parts for the auto industry must be manufactured in North America.  This shift directly puts U.S. auto-workers at the forefront for job gains & stops the process of using manufactured parts from China, Asia or the EU.
The goal of the agreement was/is to make manufacturing investment in North America the main consideration for auto-manufacturers who want access to the U.S. market.  Today, as a direct result of future investment considerations, General Motors and Ford unexpectedly surprise 1,500 auto-workers with the announcement their jobs have gone from part-time to full-time status.  Great news for these families:

DETROIT – General Motors’ worker Adarrey “Ace” Humphrey was blindsided Sunday. That’s when his life changed.

Humphrey, 27, has been a part-time temporary worker at GM’s Flint Assembly in Michigan for the last three years. On Sunday morning, he and about 250 of his co-workers crowded into UAW Local 598’s union hall. Most thought they were there for a routine meeting.

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Senate Finance Committee Chairman Chuck Grassley held a mark-up hearing today to review the USMCA and vote the agreement out of committee.  After debate the agreement passed with a 25-3 vote.  Pat Toomey (R-PA), Sheldon Whitehouse (D-RI), and Bill Cassidy (R-LA) voted against the agreement (full hearing video below)

The USMCA is now sent to the full Senate for a vote this month; however, it is interesting to hear the reasons why Toomey, Cassidy and Whitehouse oppose it.
Senator Whitehouse (D) opposes USMCA because it doesn’t address climate change and have the provisions within it to support the Paris Climate Treaty.  Senators Toomey (R) and Cassidy oppose USMCA because it is not friendly to the Wall Street multinationals.
Senator Toomey doesn’t like that the Senate cannot change the USMCA to make it more favorable to the Wall Street multinationals who are invested heavily in China.  Toomey, speaking on behalf of several, noted the Trans-Pacific-Partnership (TPP) is a better trade construct.  Quite a remarkable mask-dropping was visible during the hearing.
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Any headline that uses the phrase “France Warns” immediately requires a background review to understand the big picture driving French fears.
Just like Canadian Prime Minister Justin Trudeau thinking he could outwit President Trump’s policies on NAFTA trade (he failed), Trudeau’s bestie, French President Emmanuel Macron, has stupidly exhibited similar shortsightedness.  In the case of both leaders their weasel moves have put their nations’ into a precarious economic position.
To consider the future for France, it would be wise to remember last year when President Trump arrived to attend the G-7 in Biarritz, France, President Macron was waiting at the Hotel du Palais to ambush Trump for an unscheduled luncheon (pictured below):

This was just one example in a series of scripted weasel-moves played by Macron in an attempt to pontificate his importance for the international audience.  Another example from the same event was Macron inviting the Iranian foreign Minister to the G7 for sideline meetings unrelated to the topics being discussed in Biarritz.
In an effort to create leverage against the U.S. position, President Macron never discussed his Iranian invitation -in advance- with the U.S. delegation.  It did not go over well.
The EU, and specifically France, have a dependence on foreign energy sources as a result of their ridiculous climate policies and narrow thinking.  In essence the EU wants to do business and receive oil from Iran; however, U.S. sanctions against Iran forbid those business deals.  Ergo Macron attempted to inject influence and position his interests.
As stated, the ambush approach did not go well, but POTUS played it cool.
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Peter Navarro discusses the Trump administration’s trade agenda and some predictions for the state of the Main Street U.S. economy heading into 2020.
Navarro highlights the completed agreements with South Korea, Japan, China phase-1, and the U.S., Mexico, Canada USMCA agreement and what they can deliver next year.

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It really is quite remarkable that President Trump and the economic team could simultaneously diminish the interests of multinationals, focus on Main Street USA, and still create a situation where Wall Street stocks are growing.
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President Trump responded to the Canadian Broadcasting Company (CBC) editing out his appearance in the Christmas movie “Home Alone 2”.
President Trump jokes Justin from Canada likely having a case of the sads after getting called out for not meeting NATO funding obligations and the new trade agreement favorable to American interests.

Too funny.  We will miss this humor in 2025 when Trump leaves office.
It is worth remembering that Canada does not allow competition in their media sector.  The Canadian government considers the news media a protected “cultural industry”; and through a process of subsidizing broadcast all news media is essentially state run media.
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Great interview with United States Trade Representative Robert Lighthizer as he described the goals, objectives and outcomes of the USMCA and U.S-China Phase One agreements.
While answering a question about Wall St. journal criticism of the USMCA, Lighthizer discussed the dynamic of Wall Street -vs- Main Street as part of the bigger picture objective in the revised deal. He avoids the words “globalism” -vs- “nationalism” but the sentiment as described is there.
On China Lighthizer emphasizes the “phase one” deal is really a test to see if it is even possible to have an enforceable trade agreement between a communist state-run economy (China) and a free-market economy (U.S).

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USTR Robert Lighthizer made a rare appearance in the media to discuss the “big picture”, and some specifics, around the U.S-China phase-one agreement.
Ambassador Lighthizer notes the principle challenge is generating an enforceable set of standards -within a written agreement- between a totally controlled communist economic system (China) and a free-market system (USA).  No other nation has ever tried, and there is no preexisting trade agreement to facilitate a mapping.  What Lighthizer is constructing will be what all nations will start to use going forward.  This is historic stuff.
Arguably, next to President Trump, USTR Lighthizer is one of the most consequential members of the administration. What he is constructing, with the guidance of President Trump, is going to influence generations of Americans.

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[Transcript] MARGARET BRENNAN: This week, the U.S. and China agreed on the first phase of a trade deal that would roll back some American tariffs. It’s expected to be signed in early January. We’re joined now by the U.S. Trade Representative, Robert Lighthizer, the top negotiator in those talks with Chinese officials. Good to have you here.
U.S. TRADE REPRESENTATIVE ROBERT LIGHTHIZER: Thank you for having me, MARGARET.
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U.S. Trade Representative Robert Lighthizer has released a two-page summary fact sheet [pdf link here] outlining the “Phase-One” agreement in principal.  From research into the material the principal agreement appears to be an 86-page document covering nine chapters.  The fact sheet covers the top lines of seven chapters:

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U.S. Trade Ambassador Robert Lighthizer traveled to Mexico to put the finishing touches on the revised USMCA agreement.  Ambassador Lighthizer delivered remarks at the signing ceremony hosted by Mexican President Andres Manuel Lopez-Obrador.
U.S. Trade Representative Robert Lighthizer stressed the United States has a stake in Mexico’s success as representatives from the United States, Mexico and Canada gathered in Mexico City to sign modifications to the USMCA, a historic trade agreement.

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Elections have consequences.  On the same day the U.S. economy reports astoundingly successful jobs growth of 266,000 jobs and a drop in the unemployment rate to 3.5 percent; the Canadian state economic minister reports surprisingly terrible jobs losses of 72,200 jobs and a jump in unemployment from 5.5 to 5.9 percent.
The Canadian economy is roughly one-tenth the size of the U.S. So in equivalent terms the results from Canada reflect a comparative loss of 720,000 jobs on the same day the U.S. revises all figures upward to over 300,000 gains.  A stunning economic contrast:

OTTAWA (Reuters) – The Canadian job market lost a surprise 71,200 net positions in November while the unemployment rate rose to 5.9%, the highest in more than a year, data showed on Friday, as analysts said a repeat of the weak numbers could force the Bank of Canada to rethink its monetary policy.
Analysts in a Reuters poll had forecast a gain of 10,000 jobs and had predicted the unemployment rate would hold steady at 5.5%. […] November’s numbers followed a weak report in October, when the labor market unexpectedly shed jobs despite a likely boost from hiring related to the federal election.

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