President Trump is on track to secure a political victory by forging a breakthrough with congressional Democrats to update the North American trade pact. But in a sign the agreement has more to do with rebranding than substance, economists project the deal will provide a minimal macroeconomic boost. Studies by both the International Monetary Fund and the International Trade Commission conclude the revamped pact won’t meaningfully goose economic growth: The ITC projects it will raise GDP by 0.35 percent after six years; and the IMF says its broad effects will be “negligible.” Indeed, economists say the agreement may be most important for what it prevents. Trump had threatened to pull the United States out of NAFTA if the three countries couldn’t reach a deal. That would have spelled a disastrous […]