With the United States-Mexico-Canada Agreement (USMCA) entering into force today, AAR President and CEO Ian Jefferies issued the following statement on the importance of these renewed ties with our nation’s closest trading partners.
“As economies reopen, the certainty provided by the USMCA will prove vital to charting a path back to prosperity. The freight rail industry thanks leaders in all three countries for their tireless work to modernize the trade pact and keep North America moving forward. While this hard-fought trade victory is complete, freight railroads continue their work to keep supply chains moving, fuel economic recovery and execute a vision toward the future thanks in part to the USMCA entering into force.”
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.
