Today at the G20 Summit being held in Argentina, the United States, Canada and Mexico signed the new trade agreement announced in October to replace the North American Free Trade Agreement.
The new United States-Mexico-Canada Agreement (USMCA) centers on the auto industry and the Trump Administration’s desire to have higher North American-produced content in automobiles manufactured within the trade block.
The agreement includes updated rules of origin that require 75 percent of automobile content to be produced in North America.
According to the White House, autoworkers will benefit from rules that incentivize the use of high-wage manufacturing labor in the
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