DETROIT - The acting top U.S. auto safety official said on Monday he was confident the U.S. Congress will ratify the trade treaty intended to replace NAFTA, boosting the auto industry and enabling automakers to build safer cars at lower prices.
The USMCA was signed by the three countries about a year ago in an effort to replace the $1 trillion North American Free Trade Agreement but must still be ratified by the U.S. Congress. Owens said the new treaty should lead to $34 billion in additional investment in the U.S. auto industry, $23 billion annually in additional spending in U.S. parts and create 76,000 U.S. jobs.
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