Ian Jefferies, Association of American Railroads (AAR) president and CEO, released the following statement regarding today’s U.S.-Mexico-Canada Agreement (USMCA) signing ceremony, which marks the final step in U.S. approval of the historic trade pact.
“Thanks to the tireless efforts at both ends of Pennsylvania Avenue, renewed trade ties with our closest neighbors will benefit all three countries for years to come. As an industry built on connecting goods and businesses, railroads know that free and fair trade makes both our supply chains and individual economies stronger. Coupled with the Phase I trade deal with China, USMCA will provide certainty rail customers and American businesses need to grow and compete in world 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. Additionally, 50,000 rail jobs, worth over $5.5 billion in annual wages and benefits, depend directly on international trade.
