USMCA Agreement

The USMCA (United States-Mexico-Canada Agreement) is the agreement between the United States of America, the Mexico, and Canada and it will replace the North American Free Trade Agreement (NAFTA). It was signed by United States President Donald Trump, Mexican President Enrique Peña Nieto, and Canadian Prime Minister Justin Trudeau on November 30, 2018 at 2018 G20 Summit in Buenos Aires. However, each country’s legislature must still ratify the agreement. Mexico ratified the agreement June 19, 2019, but neither Canada nor the U.S. have done so. Although the USMCA is not in force, October 17,2019 the U.S. House Speaker, Nancy Pelosi, had some comments regarding the USMCA negotiations, “I can honestly say that I think every day we’re becoming closer.” Despite the USMCA ratification delays, Mexico has passed China as the U.S. leading trade partner in the first six months of 2019.