The United States-Mexico-Canada Agreement (USMCA) went into effect just over one year ago, replacing the North American Free Trade Agreement (NAFTA) and promising to increase North American trade. NAFTA created a solid foundation for trade liberalization. It reduced most tariffs to zero, subsequently bringing trade levels up by $1 trillion. Now its successor updates and tweaks several of its provisions.
In honor of the USMCA’s first birthday, we thought we’d look at how implementation has gone. What, if anything, has changed over the past year?