At press time, the United States-Mexico-Canada Agreement, or USMCA, is set to go into effect July 1. The free trade agreement between the three member countries is intended to update and largely replace the North American Free Trade Agreement, or NAFTA, which entered into force in 1994. Canada, the last country to sign the updated treaty, passed the USMCA through its Parliament on March 13, 2020, just before breaking to prevent spread of the novel coronavirus.
According to the United States Trade Representative, the government body in charge of international trade, the deal should boost U.S. manufacturing export opportunities and limit the amount of exported manufacturing jobs. This slideshow breaks down some key features of the bill, including where it differs from and builds on NAFTA.
