According to the Office of the United States Trade Representative, the United States, Mexico, and Canada reached an agreement to modernize the 25-year-old North American Free Trade Agreement (NAFTA).
The new USMCA will support mutually beneficial trade leading to freer markets, fairer trade, and robust economic growth in North America. Fact sheets have been produced to show how the USMCA will benefit each state. The USMCA has passed the House of Representatives of the US Congress and now it heads to the Senate where it is expected to get the same bipartisan backing that it did in the House.
For perspective on the significance of the USMCA, here’s a statement of strong support for the new trade pact from Chris Spear, the President and CEO of the American Trucking Associations.