Now that Canada, the United States and Mexico have concluded negotiations around an updated free trade agreement, many Canadians may be wondering: what’s next? Several industries may experience changes as a result of the new agreement and these changes have the potential to trickle down to individual consumers in various ways.
What is the USMCA?
The new United States-Mexico-Canada Agreement—or USMCA—provides an update to the previous North American Free Trade Agreement (NAFTA) signed in 1994. The USMCA builds on and modifies the free trade policies originally outlined in NAFTA and presents a revised agreement for a modern-day trade environment.