Federal Spotlight: USMCA Trade Deal Signed; Heads to Congress for Approval
December 6, 2018
Leaders from the United States, Mexico and Canada signed the United States-Mexico-Canada Agreement (USMCA) last week in Buenos Aires at the G20 Summit. This new trade accord is set to replace the North American Free Trade Agreement (NAFTA), which has been in effect since 1994. This development serves as a victory for the Trump administration, as the president has routinely called for NAFTA to either be replaced, revised or discarded. The next step in the process is for the legislative bodies of all three nations to approve the deal. This could prove to be very difficult, as there are still several procedural hurdles to be cleared in Congress, and some Democrats and Republicans have already indicated they would like to see changes made. It is expected to take several months before any final deal is ultimately ratified. Read the agreement.