House Speaker Nancy Pelosi on Thursday suggested a deal with the White House on a new U.S. trade pact with Canada and Mexico is coming soon, as she said she aims to approve it by the end of the year.
Speaking to reporters on Capitol Hill, the California Democrat said “we are moving positively in terms of the U.S.-Mexico-Canada agreement,” which would replace the North American Free Trade Agreement.
“I do believe that if we can get this to the place it needs to be, which is imminent, that this can be a template for future trade agreements,” she said.
Democrats have held weeks of talks with the U.S. Trade Representative’s office, as they seek to improve enforcement of labor standards in the Nafta replacement, among other items.
In June, Mick Mulvaney, acting White House chief of staff, gave the USMCA a “better than two-thirds chance” of passing Congress this year.
Investors, meanwhile, were eyeing U.S.-China trade talks on Thursday. Stocks
traded flat-to-lower Thursday as doubts grew over prospects for phase one of a deal between Washington and Beijing.