Providing for Congressional Disapproval Under Chapter 8 of Title United States Code, of the Rule Submitted By the Internal Revenue Service, Department of the Treasury, Relating to ``Contributions in Exchange for State or Local Tax Credits''

Floor Speech

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Mrs. HYDE-SMITH. Mr. President, the American people elected President Trump based in part on his promise to negotiate better trade deals with foreign nations--first among them, our largest trading partners, Canada and Mexico.

The President and his administration wasted no time in working with these two neighbors to rewrite the North American Free Trade Agreement to reflect today's economic reality. Those talks produced the United States- Mexico-Canada Agreement, or USMCA, which the President unveiled more than 1 year ago.

When NAFTA was written more than a quarter of a century ago, the internet was in its infancy and few could have foreseen the increasingly globalized and digital economy we have today. USMCA takes us into the 21st century, updating antiquated rules to prohibit the theft of trade secrets, reward American innovators, and improve cross- border e-commerce, while also providing increased market access for American businesses and benefits for American workers in more traditional sectors like agriculture and manufacturing.

Market access is very important to agriculture and to our Nation's economy in general. Ninety-five percent of the world's population lives outside of these United States. Without good trade agreements that give us free access to the world's marketplace, we cannot prosper in agriculture or any other business that depends on exports. The USMCA will result in a fairer deal for U.S. businesses and consumers.

Today the American people should ask why it has taken more than a year for the House and Senate to take up, debate, and pass an agreement that will boost the American economy and job creation.

Manufacturers, farmers, and other businesses in my State of Mississippi certainly want to know why we have not done that. The truth is, House Democrats have delayed taking action because they want first to deny President Trump a win for as long as possible and, secondly, to secure last-minute favors for Big Labor.

It is ironic that these same Democrats and big labor groups now oppose USMCA because of environmental protections or labor rights. The truth is, they are largely responsible for the original NAFTA, which they now claim incentivized a mass exodus of U.S. companies to Mexico and decimated our manufacturing sector.

Unfortunately, Democrats' inexcusable foot-dragging is just hurting American consumers and businesses. For years, Mississippi has worked aggressively to increase the market penetration of its manufactured goods and agricultural products in foreign markets. My State exported $11.8 billion in goods in 2018--a 61-percent increase over the past decade. Foreign trade accounts for almost 10 percent of Mississippi's GDP. More than 50,000 workers and large manufacturers, medium and small businesses, and farms played a role in producing these goods for use around the world but primarily to Canada and Mexico, my State's largest trade partners.

The bottom line is, the USMCA represents an important new tool for Mississippi to expand its ability to sell more of what we produce to consumers abroad. There is no good reason for the House to have held up this 21st century trade agreement, and it is time to finally take a vote, send it to the Senate, and get it done.

We all are benefiting from the strongest U.S. economy and lowest jobless rate in decades. Congress needs to do its job to help maintain and strengthen this economic growth. USMCA will create more certainty for businesses and increase business confidence, which improves the state of the world's economy.

Let's pass the United States-Mexico-Canada Agreement and spend more time on accomplishing as much as we can on issues that will actually make a difference in the lives of the American people.

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