WASHINGTON (WLNS) – Today, U.S. Customs and Border Protection announced that it will implement the United States-Mexico-Canada Agreement (USMCA) at 12:00 AM on July 1. The agreement was signed on November 30, 2018.
The USMCA replaces the North American Free Trade Agreement (NAFTA). In 1994, the United States, Mexico, and Canada created the largest free-trade region in the world with NAFTA, according to the government of Canada which refers to the new agreement as the Canada-United States-Mexico Agreement (CUSMA).
All products that have zero tariffs under NAFTA will remain at zero under USMCA, according to the International Trade Commission under the U.S. Department of Commerce.
“The USMCA completely replaces NAFTA and marks the beginning of a new era of American prosperity,” said Mark Morgan, CBP Acting Commissioner. “Thanks to President Trump’s leadership and his ability to secure the bipartisan support of Congress, the USMCA delivers a tremendous win for American businesses and consumers.”
The White House released a proclamation about the USMCA on June 29th.
“USMCA is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our farmers and manufacturers, reduces trade barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world,” said President Donald Trump.
The new United States-Mexico-Canada Agreement (USMCA) will create more balanced, reciprocal trade that supports high-paying jobs for Americans and grows the North American economies, according to the Office of the U.S. Trade Representative.
“The USMCA establishes North American trade rules as the new global gold standard and offers CBP new tools to carry out our vital trade facilitation and enforcement mission,” said Brenda Smith, Executive Assistant Commissioner, CBP Office of Trade. “CBP will continue to work closely with the trade community, our U.S. Government partners, and our Mexican and Canadian counterparts to ensure a smooth transition from NAFTA and support the prosperity of the U.S. economy, American workers, and public safety.”
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