Trade in energy is an integral component of global commerce. In addition to oil, which is the most widely traded commodity, our company relies on open trade flows and supply chains to meet the increasing needs of LNG, chemicals, and petroleum product customers around the world.
For these and other reasons, it is important for Congress to support the U.S.-Mexico-Canada Agreement, or USMCA, negotiated by the Trump administration.
Consider that U.S. trade with Canada and Mexico has quadrupled in the past 25 years, reaching nearly $1.3 trillion in 2017. The USMCA modernizes our North American trading partnerships to provide even more benefits.
According to a recently released assessment by the U.S. International Trade Commission, the USMCA would benefit U.S. real GDP and employment. Consider the effect of the agreement on:
- Trade with Canada and Mexico currently supports 12 million American jobs, according to research by the Business Roundtable. With USMCA, many more U.S. jobs could be created.
- Market Access. The agreement maintains tariff-free access to Canadian and Mexican markets for growing U.S. exports, including energy products.
- Energy Security. The free flow of energy products among USMCA partner countries is reinforcing North American energy security. The integrated market is efficient, resulting in reliable and affordable energy for consumers.
With our significant investments on the U.S. Gulf Coast, securing continued free and open trade flows is critical to the future success of ExxonMobil. Passage of USMCA will be important to ensure that success.
T.J. Wojnar is ExxonMobil’s vice president for corporate strategic planning.