Because of the direct impact trade relationships between the United States, Mexico, and Canada has on Kentucky industries, the Kentucky Chamber of Commerce sent a letter to Kentucky’s congressional delegation urging adoption of the US-Mexico-Canada Agreement (USMCA).
Kentucky Chamber Incoming President and CEO Ashli Watts wrote the letter to the delegation stating the trade agreement is a boon for Kentucky businesses and guarantees that virtually all U.S. exports will enter these markets tariff‐free and will impact Kentucky’s top exporting products in aerospace, automotive, and pharmaceuticals.
Watts added it is critical for both large and small businesses since 77 percent of the Commonwealth’s exports are from small and medium‐sized businesses and more than 512,000 jobs in Kentucky are dependent on trade.
In closing, Watts said the agreement will not solve all of the trade woes Kentucky businesses are currently facing, but it can address a big piece of the equation.
Stay tuned on The Bottom Line for more on trade issues impacting Kentucky businesses.