Mexico Passes USMCA
U.S., MEXICO - After months fraught with trade drama, after President Donald Trump recently threatened to impose tariffs on Mexico as retaliation for migration issues, Mexico has become the first country to ratify the U.S.-Mexico-Canada Agreement (USMCA).
The USMCA, announced last September, was intended as a replacement for NAFTA to create a more modernized trade agreement. Three weeks ago, Mexican President Andrés Manuel López Obrador submitted the texts required for Mexican lawmakers to approve the deal, according to Politico. Still, López Obrador had to call an extraordinary session before lawmakers broke for recess in early April, the news source reports.
"USMCA passes! Mexico goes first with clear signal that our economy is open," Jesús Seade, Mexico's Undersecretary for Foreign Affairs, wrote on Twitter. "We're confident that our partners will soon do the same," he added.
President Trump will now make efforts to pass the deal through Congress this summer for approval, though Democrats have expressed hesitation—insisting that changes must be made to strengthen enforcement of the deal.
Canada has taken a bit of a wait-and-see policy, as it has introduced an implementation bill in its Parliament, but is still waiting to approve the bill until around the same time as final votes are held in the U.S.
“Our plan is to move forward in tandem with the U.S. We think of it as a kind of Goldilocks approach. Not too hot, not too cold,” commented Canadian Foreign Minister, Chrystia Freeland. “We’re not moving too fast, not moving too slow.”
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