The United States-Mexico-Canada Agreement (USMCA), a trilateral trade agreement between the three counties, entered into force on July 1, 2020 replacing the North American Free Trade Agreement (NAFTA).
The focus of the USMCA is diverse, ranging from intellectual property, to labor, to financial services. New provisions create incentives to manufacture cars in North American and open new markets for US agricultural products. The expectation is that it will take time for companies to understand and comply with the new requirements in the USMCA, in particular during a global pandemic and economic recession. The US Customs and Border Protection has released guidance to assist in the short-term with implementation of the USCMA.
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