What is the USMCA?

USMCA stands for United States-Mexico-Canada Agreement, which was signed on November 30, 2018. Essentially, it replaces the North American Free Trade Agreement (NAFTA) which was in place since January 1994. NAFTA slowly phased out tariffs on most goods between North America’s three main economic powers. All agricultural and textile products, cars, and other goods had their tariffs reduced or eliminated by 2008.