“Trump’s NAFTA 2.0 is a climate failure any way you slice it,” the Sierra Club’s Ben Beachy told me. Beyond continuing to allow companies to seek lax climate and environmental rules outside the United States, under the USMCA they can also challenge new regulations proposed by countries signed onto it before they’re finalized, establishing hurdles to any future climate policy under a new administration.
The deal also goes out of the way to protect fossil fuel companies. All of the tar sands oil that flows to the U.S. from Canada via the Keystone XL pipeline will be exempt from tariffs under the USMCA. While the deal has been praised for largely eliminating NAFTA’s Investor-State Dispute Settlement (ISDS) provisions—which made it easy for corporations to challenge governments over laws they don’t like—there are some troubling exceptions to that policy under the USMCA.
While of Democratic voters believe trade agreements should address climate change, the party’s Congressional delegation largely rallied behind a deal that will make it worse. Democratic House Speaker Nancy Pelosi pushed hard to get the USCMA through the House, where it passed by a wide margin.
Article submitted by, Great Gazoo.