USMCA trade agreement will help the US economy: Hector Barreto

Channel: Fox Business
Published: 4 hours ago

Description
Hector Barreto, former head of the Small Business Administration, says the U.S. economy will benefit from the new NAFTA trade deal. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headqua...



Transcript
The president's top economic adviser, a larry kudlow, who you just heard from when he was on with stuart varney, one of the things he said was that securing trade deals in addition to jobs that might help further us growth. These trade deals particularly u. s. mca, which i think is going to be very bullish, freakonomics and investment. We will see continued surge in auto workers, farmers, manufact ...
ring and so forth and so on, but that's the sweet spot more on that now with hector barreto from the latino coalition former head of the small business administration at 10:00. Today, a meeting today over at the white house, complex, which i believe hector, was about trade about the usmca mexican ambassador on-hand. So i'd like you to try to take us inside that meeting, just to give us kind of the buzz about whether or not people think this thing's gon na get passed. What are they saying? It was a great meeting. It was very positive. We had businessmen from all around the country, business leaders also from mexico that were there, and everybody really wants this agreement to go through. Timing is everything. A big issue was, when is congress going to schedule a vote, so we hope congress doesn't overly politicize this, but, as you know, connell 98 percent of all companies in the united states that do free trade are small businesses, that's about 300,000companies, but they only represent 30 % of the trade dollars, so an agreement like this, especially one that focuses in on the small business piece, is a great thing for the economy and does it.

I think a lot of the details of this got lost in in translation. We just talked so much about the back-and-forth about nafta versus new nafta and u. s. mca be ended up being the name, but in terms of the details from where you sit as an advocate, as you say, for small business. Is this better than what we have now better than nafta? What if so, why there's? No doubt about it? You know that agreement needed to be modernized. You knowthere was no mention of the internet in the original nafta agreement, and so now we're doing things like protecting intellectual property and, as you know, a lot of the innovators are small businesses. So that's really important. Yep there's a real focus on the small business piece and that's where most of the jobs come from. If we can pass this agreement, we could add potentially another point to our growth and we're already growing. Well, you talked about the job numbers. Member small businesses are the engine of america. They create on my 90 percent of the job.

The last thing they'll hectored, that hold up here seems to be the tariffs on steel and aluminum, a wethought even last night, in that the the president was tweeting about us. Steel and the tariffs are working, it's great essentially, and you know, chuck grassley is out there saying hey, get rid of this, these tariffs and steel and aluminum. We get us mc. A pass that seems like that's. The hold up is not fair. Do you think we should those tariffs? Look? The holdup is in the house of representatives, they haven't even scheduled to vote and you know we're hearing some disturbing things about they're saying we can wait. We don't think we can wait. You know take off the terrace first. Well, i i think you got a unlink, those things they're gon na dealwith those issues. There'S no doubt about that. That'S something that canada wants, as you know, but, right now, well, let's not let the perfect be the enemy of the good. This is a good agreement and we need a vote.



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