USA HISTORY

Detailed explanation-1: -In short, NAFTA created a large free-trade zone reducing or eliminating tariffs on imports and exports between the three participating countries (the U.S, Mexico, and Canada). Overall, there was an increase in trade between the three countries, and real per-capita GDP also increased slightly.

Detailed explanation-2: -Increased trade: NAFTA more than tripled trade between Canada, Mexico, and the United States after it was enacted. 4 The agreement reduced and eliminated tariffs.

Detailed explanation-3: -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.

Detailed explanation-4: -The U.S. – Mexico – Canada Agreement (USMCA) is a trade agreement between the named parties that entered into force on July 1, 2020. To help coordinate the implementation of the USMCA, and provide comprehensive guidance to stakeholders, CBP stood up the USMCA Center in March 2020.

Detailed explanation-5: -NAFTA was a landmark trade deal between Canada, Mexico, and the United States that took effect in 1994.