U.S. President Donald Trump announces the United States-Mexico-Canada Agreement (USMCA) during a news conference in the Rose Garden of the White House in Washington, U.S., October 1, 2018.
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REUTERS/Leah Millis
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NAFTA

For Mexico, Canada, and the United States, a Step Backwards on Trade and Investment

Jeffrey J. Schott (PIIE)

The new US-Mexico-Canada Agreement (USMCA) partially updates the 25-year-old North American Free Trade Agreement (NAFTA) by imposing new obligations on environmental policies and labor practices, curbing state-owned enterprises, and fostering digital trade. But it also imposes new restrictions that will impede regional trade and investment, stifling the potential for economic growth, particularly in the auto sector.

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REUTERS/Leah Millis

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