The International Trade Council announces that US President Donald Trump has officially signed the US Mexico Canada Agreement (USMCA), which is set to replace the 1994 North American Free Trade Agreement (NAFTA). This new trade pact brings Trump's campaign promise to replace the existing deal between the three countries closer to reality.
The USMCA aims to govern more than $1 trillion in annual trade between the United States, Mexico, and Canada, continuing many of NAFTA's original provisions while introducing new terms for digital trade and increasing US access to Canada's dairy market. Notable changes include new rules for automobile companies to encourage increased production in the US.
Canada is expected to ratify the pact soon, after which the USMCA will officially replace NAFTA. The International Trade Council is optimistic that this new agreement will promote economic growth and cooperation between the three countries involved. The Council will continue to monitor developments in international trade and provide updates on the evolving global economic landscape.