Late Sunday, the United States, Mexico and Canada reached consensus on a new trilateral North American free trade agreement, called the United States-Mexico-Canada Agreement (USMCA). Heritage Trade Economist Tori Whiting offered the following analysis in response:

 

“It is promising to see the Trump administration and two of our closest allies come together to modernize NAFTA for the 21st century. This longstanding economic relationship with Canada and Mexico has enabled the United States and our regional partners to develop as world leaders in energy, manufacturing, agriculture, and many other sectors.

 

“Thanks to NAFTA, American exports and services are incredibly competitive in world markets, benefitting U.S. businesses and the millions of American workers they employ, and ensuring better prices for consumers on innumerable every-day goods and services. It is critical the U.S. work to maintain this stable, reliable trade relationship that has been so beneficial for American families and the American economy.”

 

“We look forward to further studying this agreement in the coming days, and identifying how best to advance free trade in North America.”