The USMCA: Something New or #JustAnotherNAFTA
The North American Free Trade Agreement (NAFTA) finally got a major overhaul, something campaigned on by President Trump and negotiated in Congress for the past three years. There are a number of significant changes about which American businesses need to be aware. Below we'll discuss 5 key differences between USMCA and NAFTA. When NAFTA came into force on January 1, 1994, it was seen as a way to foster economic growth [...]
Mexico becomes first country to pass USMCA
Mexico’s Senate on Wednesdaypassed the USMCA, making it the first country to ratify the new North American trade pact. "USMCA passes! Mexico goes first with clear signal that our economy is open," Jesús Seade, Mexico's undersecretary for foreign affairs, wrote on Twitter. "We're confident that our partners will soon do the same," Seade added. Passage in Mexico [...]
NAFTA, Explained With a Toy Car
NAFTA made your car cheaper, USMCA could change that.When the North American Free Trade Agreement began in 1994, auto companies in the US, Canada and Mexico could trade parts and cars without paying tariffs. And they could source parts and labor from the cheapest places. That is a big reason why US car prices have only risen seven percent in 25 years. But the proposed US Mexico Canada Agreement — or USMCA for short — could change that; President Trump’s new deal would increase the regulations that car manufacturers need to meet in order to sell tariff-free cars. We built a Ford Mustang to explain.
All About That Base(line): How to Interpret the International Trade Commission Report on USMCA
On or around April 18, the U.S. International Trade Commission (ITC) is expected to release a report assessing the expected effects on the U.S. economy of the United States-Mexico-Canada Agreement (USMCA). Interpreting the report is going to be… complicated. This report is required under the Bipartisan Trade Priorities and Accountability Act of 2015 (known as [...]
US/Mexico/Canada Agreement Strengthens American Workers and Competitiveness – Heidi Heitkamp
If you can't move production to avoid tariffs like the companies in the story below, make sure to get the training you need. Make sure you are properly classifying products and applying the correct tariff rates. Don't take a risk, get training here. At 25 years old, the North American Free Trade Agreement (NAFTA) is [...]
Canada quietly moves to resolve steel spat with Mexico
NAFTA partner's exports now dodge 25 per cent tariff, but another U.S. trade threat looms Finance Minister Bill Morneau has quietly reversed a controversial decision to slap a surtax on two types of Mexican steel imports. Effective Feb. 2, up to a new limit, Mexican energy tubular products (such as those used to build pipelines) [...]
The United States-Mexico-Canada Agreement Will Provide a Boost to the Global Digital Economy
Amid the U.S. government’s largest partial shutdown, issues like border protection have taken center stage. However, our global trade policy remains a critical, yet underdiscussed agenda item that impacts our jobs and economy at large. The United States-Mexico-Canada Agreement needs to remain top of mind as an enabler of much needed stability and confidence to [...]