The International Trade Commission said it has started an investigation required by Trade Promotion Authority (TPA) legislation into the likely impact of the U.S.-Mexico-Canada Agreement (USMCA) on the U.S. economy, including select industries and consumer interests.
The ITC received a request from the Office of the U.S. Trade Representative on Aug. 31 to conduct the assessment. TPA requires a period of at least 90 days to elapse between when the executive branch submits its request for the report and the date that the president enters into a trade agreement.
Based on this, the governments of the U.S., Canada and Mexico could sign the USMCA as early as Nov. 29. TPA requires the ITC to submit the report to Congress no later than 105 days after the president enters into the agreement.
The ITC will hold a public hearing to inform its review on Nov. 15 and, if necessary, Nov. 16.
The commission will collect requests to appear at the public hearing through Oct. 29; prehearing briefs and statements through Oct. 30; post-hearing briefs through Nov. 23; and public written submissions through Dec. 20.
TPA requires the review to assess areas including impacts the agreement will have on aggregate employment and employment opportunities; production, employment and competitive position of industries likely to be significantly affected; GDP; and exports and imports.