Senate Passes USMCA Deal, Sending Markets To New Highs (Again)

Topline: The U.S. Senate passed a new North American trade deal in a landslide vote on Thursday giving President Donald Trump another legislative victory—even as lawmakers begin debating his impeachment—and sending the stock market to new record highs.

  • The U.S.-Mexico-Canada Agreement (USMCA), or so-called NAFTA 2.0, passed the Senate in an 89-10 vote and will replace the 26-year-old North American Free Trade Agreement (NAFTA).
  • The trade deal won approval from the House of Representatives last month, thanks to rare bipartisan support, in an overwhelming 385-41 vote.
  • A day after the U.S. signed a landmark Phase One trade deal with China, all three major indexes yet again hit new record highs as the market shows no signs of slowing down.

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