Trade experts say the impact of the new US-Mexico-Canada Agreement will be modest. Canada and Mexico already represent the top two export markets for US goods, SIA reports.
US President Donald Trump on Wednesday signed the new North American trade pact with Canada and Mexico into law, pronouncing a "glorious future" for US industry. It was another opportunity for Trump to tout successes in the midst of an impeachment trial where he is fighting charges of abuse of office and obstructing Congress.
On Tuesday he announced a Middle East peace plan – rejected immediately by the Palestinians – and earlier this month he signed a truce in his trade war with China. But even if the new USMCA trade deal with America's neighbours was crafted in close consultation between Trump's Republicans and the Democrats, the president pointedly didn't invite any of the Democratic leaders to his big White House signing ceremony.
The USMCA replaces the 1994 North American Free Trade Agreement, or NAFTA, which Trump has long targeted, saying that it resulted in shipping US jobs abroad. "Today, we are finally ending the NAFTA nightmare," he said at the White House.
Economists say that overall NAFTA increased growth and raised the standard of living in North America, binding the three countries in a complex web of trade rules and services. But the new deal does change content rules on auto manufacturing, to boost US jobs, and requires higher salaries for some Mexican auto workers. It also makes changes to e-commerce, intellectual property protections and dispute settlement for investors, as well as imposing tougher labour provisions, requiring reforms to Mexico's laws.
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