The U.S.-Mexico-Canada-Agreement (USMCA) enters effect July 1, according to U.S. Trade Representative Robert Lighthizer. The July 1 date represents a one-month delay from the original timeline, following the signing of the agreement by the U.S., Canada, and Mexico.
In a statement last week, Lighthizer says the agreement supports more balanced, reciprocal trade, leading to freer markets, fairer trade, and robust economic growth in North America. The agreement contains significant improvements and modernized approaches to rules of origin, agricultural market access, intellectual property, digital trade, financial services, labor, and numerous other sectors. Lighthizer says, ?The crisis and recovery from the COVID-19 pandemic demonstrate that now, more than ever, the United States should strive to increase manufacturing capacity and investment in North America.?
Lighthizer calls the start of USMCA a ?landmark achievement in that effort.? The trade agreement ensures most agriculture tariffs will remain at zero, and expands dairy market access to Canada for the U.S., among other benefits.
