USA HISTORY

Detailed explanation-1: -As of January 1, 2008, all tariffs and quotas were eliminated on U.S. exports to Mexico and Canada under the North American Free Trade Agreement (NAFTA). Mexico is the United States’ third largest trading partner and second largest export market for U.S. products.

Detailed explanation-2: -NAFTA eliminated most tariffs on products traded between the three countries, with a major focus on liberalizing trade in agriculture, textiles, and automobile manufacturing.

Detailed explanation-3: -Among its three member nations, NAFTA eliminated tariffs and other trade barriers to agricultural and manufactured goods, along with services. It also removed investment restrictions and protected intellectual property rights.

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.

Detailed explanation-5: -NAFTA is a comprehensive trade agreement that improves virtually all aspects of doing business within North America. NAFTA will eliminate tariffs completely, and removes many of the non-tariff barriers, such as import licenses, that have helped to exclude U.S. goods from the other two markets, especially Mexico.