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USMCA replaces NAFTA this week. How will it change trade?

By Kimberly Adams
Marketplace.org
June 29, 2020
Category: Business & Politics
Region: Canada, United States

The pandemic has significantly slowed down global trade, but trade deals forge ahead. This week, the U.S.-Mexico-Canada Agreement goes into effect. Negotiating a “new NAFTA” was a big campaign promise for President Donald Trump. The deal maintains a lot of the old agreement, but the USMCA does bring some changes.Even though this marks the end to the almost 30-year-old North American Free Trade Agreement, “there will still be free trade across all of North America,” said Chris Wilson, deputy director of the Mexico Institute at the Wilson Center. He said there are some changes that came out of long negotiations, like new labor and pay standards. The deal also includes new rules to resolve trade disputes. 

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