Fox Business’s Stuart Varney said President Donald Trump’s trade deal with Mexico is a political win for his White House and an economic win for America.
Trump announced the new deal Monday and said it was a renegotiation of the North American Free Trade Agreement (NAFTA). He made the announcement from the Oval Office with Mexican President Enrique Pena Nieto joining him by phone. (RELATED: NAFTA BREAKTHROUGH: Trump Strikes New Deal With Mexico)
“It was a political win for the president and I think it is an economic win for America,” Varney said on “Fox & Friends” Tuesday.
Varney claimed the new deal will increase car production in North America instead of Asia and said America remains hopeful about Canada coming to the table, to complete the new NAFTA deal.
“What this deal does, it’s a two-way deal. It’s America and Mexico,” Varney continued. “It encourages vehicle production in North America rather than Asia. And by bumping up the wages earned by car workers in Mexico, they go from, like, $3.50 an hour to $16 an hour. That’s a major disincentive for Ford and GM and others to produce in Mexico. Produce here, because they no longer have that big labor cost advantage.”
“Bottom line, it’s a win for President Trump. It’s a win for America. And Canada’s foreign minister arrives in D.C. today to complete, maybe, the third leg of a new NAFTA deal,” he concluded. “The pressure really is on. The ball is in [Canada’s] court. And the president has given them a choice. Join in, negotiate or face tariffs.”
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