The US and Canada confirmed they had reached a brand-new as well as modernised Trade Deal, together with Mexico, which is designed to replace the 1994 NAFTA agreement.
The United States of America and Canada recently confirmed they had reached a brand-new as well as modernised trade deal, together with Mexico, which is designed to replace the 1994 NAFTA pact.
The two nations said in a joint statement that the new trade deal would be called the United States-Mexico-Canada Agreement (USMCA).
The USMCA is the result of the renegotiation of NAFTA that the member states undertook from 2017 to 2018, though NAFTA will remain in force until the USMCA is ratified by its members.
Economists hold that withdrawing from NAFTA in a way that re-establishes trade barriers will badly affect the U.S. economy and cost jobs.
However, Mexico would be much more severely affected by job loss and reduction of economic growth in both the short term and long term.
