The three leaders of the USMCA agreement, President Donald Trump, Canadian Prime Minister Justin Trudeau, and Mexican President Enrique Peña Nieto, signed the USMCA agreement in late 2018, however, each country’s legislature was required to approve the changes before the agreement was entered into force. Canada was the final country to ratify the agreement March 13, 2020.
U.S. auto makers stated the June 1, 2020 implementation date was too aggressive and the new trade deal should not enter into force until all parties are in full compliance with their commitments, including new automotive rules of origin.
Some of the USMCA benefits are the new chapters covering digital trade, anticorruption, and new regulatory practices, as well as a chapter devoted to ensuring that Small and Medium Sized Enterprises benefit from the agreement.