U.S.-Mexico Trade Agreement

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Definition of 'U.S.-Mexico Trade Agreement'

The U.S.-Mexico Trade Agreement (USMCA) is a free trade agreement between the United States, Mexico, and Canada. It was signed on November 30, 2018, and entered into force on July 1, 2020. The USMCA replaces the North American Free Trade Agreement (NAFTA), which was signed in 1994.

The USMCA is designed to promote trade and investment between the three countries. It includes provisions on market access, intellectual property, labor, and the environment. The agreement also includes a new chapter on digital trade, which is designed to facilitate trade in digital products and services.

The USMCA has been controversial in the United States. Some critics argue that the agreement will harm American workers by increasing imports from Mexico. Others argue that the agreement will benefit the U.S. economy by boosting exports and creating jobs.

The USMCA is the first major trade agreement that the United States has signed since the Trump administration took office. The agreement is a significant departure from the Trump administration's previous trade policies, which were focused on protectionism. The USMCA is a sign that the United States is still committed to free trade, even under the Trump administration.

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