A Ford Motor Co. spokeswoman said the announcement included in USTR's report had first been unveiled in 2017, though the company believed the USMCA would help create good-paying manufacturing jobs in the U.S.
The U.S. International Trade Commission (USITC) estimates USMCA will only modestly boost the U.S. economy but stands to reduce U.S. vehicle production.
In the overnight trades, Reuters reported key headlines from a report published by the US International Trade Commission (ITC) on a potential United States-Mexico-Canada Agreement (USMCA).
"This report confirms what has been clear since this deal was announced - Donald Trump's NAFTA represents at best a minor update to NAFTA, which will offer only limited benefits to USA workers", said Sen.
"Manufacturing would experience the largest percentage gains in output, exports, wages and employment, while in absolute terms, services would experience the largest gains in output and employment".
But the narrow benefits for the auto sector would come at the expense of the broader economy, making overall US production more expensive, reducing exports and denting wages and employment, the report said.
The leaders of the three countries approved the deal previous year, but it still must be approved by the U.S. Congress. "It won't have a huge impact".
The US auto workforce would rise by a net 28,000 workers yet prices would also rise somewhat - actually cutting auto sales by 140,000.
The United States-Mexico-Canada Agreement (USMCA) was signed on November 30, 2018 by the three nations and still needs to be ratified by the three nations' respective legislatures before going into effect.
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Some automakers may decide "not to offer vehicles that would be too expensive to bring into compliance, which would ultimately decrease consumer choice", the report said.
The current version of the deal will raise the requirement for North American content in cars to 75 percent from 62.5 percent.
Greater domestic production of auto parts would also "draw resources away from other manufacturing sectors and the rest of the United States economy", the report found.
The report also said the new trade deal would lead to "small increases in USA exports to Canada of dairy products, poultry, meat, eggs, and egg-containing products, as well as wheat and alcoholic beverages". For dairy, the ITC expects exports of USA dairy products to increase by more than $277 million overall-rising $227.0 million to Canada and $50.6 million to Mexico, respectively.
A senior USTR official told reporters that USTR's estimates were based on "hard numbers" manufacturers had given to the agency.
Prospects for USMCA's ratification in Congress face what could be an uphill battle, with Washington reportedly reluctant to lift punishing steel and aluminum tariffs so long as Canadian and Mexican authorities object to export quotas.
"You're not gonna get more votes and you're not gonna lose votes as a result of this report", he said.
Many agriculture groups emphasizes the overall win that USMCA would be for American agriculture and urges Congress to quickly pass the updated agreement.