U.S. and Canadian negotiators worked around the clock this weekend to secure an agreement just before a Sunday midnight deadline, allowing leaders from those nations and Mexico to sign the accord by late November. The 24-year-old Nafta will now be superseded by the U.S.-Mexico-Canada Agreement, or USMCA, covering a region that trades more than $1 trillion annually.
The new trade pact offers Canada and Mexico some cover from the Trump administration’s threat to impose duties on car imports for national security reasons. Canadian auto exports up to 2.6 million units won’t be impacted by any U.S. tariffs on foreign cars. Mexico got the same threshold level, though neither country exports that many cars to the U.S.
Read the article at Bloomberg.
