Ian Jefferies, Association of American Railroads (AAR) president and CEO, released the following statement regarding the recently-announced deal on the U.S.-Mexico-Canada Agreement (USMCA) that could clear the way for Congressional ratification in the near future.
“As the backbone of the North American supply chain, freight railroads applaud today’s announcement, which provides much-needed certainty with our two largest trading partners,” said Jefferies. “Congress should move with haste to ratify USMCA before the end of the year and provide an economic shot in the arm to U.S. businesses. With renewed trade ties, freight railroads stand ready to deliver for rail customers throughout North America and move the goods that allow the U.S. economy to grow and compete in global markets.”
According to AAR’s analysis, international trade accounts for 42% of U.S. freight railroads’ carloads and intermodal units, and more than 35% of rail revenue is directly associated with international trade. If freight indirectly associated with trade was included in this analysis, those figures would be even higher. Additionally, 50,000 rail jobs, worth over $5.5 billion in annual wages and benefits, depend directly on international trade.
