USMCA to Officially Enter into Force July 1
The United States-Mexico-Canada Agreement, or USMCA, will officially enter into force on July 1, 2020.
Signed by President Trump on January 29 of this year, U.S. Trade Representative Robert Lighthizer notified Congress yesterday “that Canada and Mexico have taken measures necessary to comply with their commitments” as dictated by the agreement; thus authorizing the trade agreements official entry into force.
The USMCA establishes new laws concerning intellectual property, small business trading protocols across borders, and market access for agricultural products.
Such laws include: “requiring that 40-45 percent of auto content be made by workers earning at least USD $16 per hour”; “removing the unnecessary burden of opening a foreign office as a condition for doing business”; and setting nearly all “tariffs on agricultural products traded between the United States and Mexico… at zero.”