CURRENT AFFAIRS

Detailed explanation-1: -On April 24, 2020, Lighthizer gave official notice to Congress that the new trade deal was set to come to force on July 1, 2020, and notified Canada and Mexico to that effect.

Detailed explanation-2: -Overview. The U.S. – Mexico – Canada Agreement (USMCA) is a trade agreement between the named parties. The USMCA replaced the North American Free Trade Agreement (NAFTA).

Detailed explanation-3: -Bush, Mexican President Carlos Salinas de Gortari, and Canadian prime minister Brian Mulroney agreed to negotiate what became NAFTA. Each submitted the agreement for ratification in their respective capitals in December 1992, but NAFTA faced significant opposition in both the United States and Canada.

Detailed explanation-4: -The USMCA, which substituted the North America Free Trade Agreement (NAFTA) is a mutually beneficial win for North American workers, farmers, ranchers, and businesses. The Agreement creates more balanced, reciprocal trade supporting high-paying jobs for Americans and grow the North American economy.