WASHINGTON - The Senate overwhelmingly approved a new North American trade agreement on Thursday that rewrites the rules of trade with Canada and Mexico and gives President Donald Trump a major policy win before senators turn their full attention to his impeachment trial.The measure goes to Trump for his signature. It would replace the 25-year-old North American Free Trade Agreement, known as Nafta, which tore down most trade barriers and triggered a surge in trade.
"Quite a week of substantive accomplishments for the nation, for the president and for our international trade," said Republican Senate Majority Leader Mitch McConnell, shortly before the vote on the US-Mexico-Canada deal. Mexico has approved the revised trade deal. Canada is expected to do so in coming months, with Prime Minister Justin Trudeau's government long insisting it would wait for US approval before proceeding."It will mean higher prices for American consumers, who will have to pay more money for a car and therefore will have less money available for any of the other things they would like to consume," Toomey said.
As part of those negotiations, the administration agreed to drop a provision that offered expensive biologic drugs - made from living cells - 10 years of protection from cheaper knockoff competition.
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