The USMCA review will signal Trump’s upcoming global tariff strategy
His administration is looking to impose more duties on its trade partners
Add BT as a preferred source
THE US will be celebrating its 250th year of independence on Saturday (Jul 4). Much attention of domestic – and global – policymakers and industry leaders, however, will be directed at the Jul 1 deadline for the review of the United States-Mexico-Canada Agreement (USMCA).
The USMCA is, in effect, version two of the North American Free Trade Agreement (Nafta), which took effect in 1994. Since the USMCA was implemented in July 2020, during US President Donald Trump’s first term, it has served as a political cornerstone of economic relations between the US, Mexico and Canada.
At the time of the USMCA’s signing in 2018, Trump described it as a “wonderful new trade deal”. But the US president has recently declared that he thinks the agreement is not working and should be scrapped.
TRENDING NOW
DBS completes US$1 billion significant risk transfer deal, a first for Singapore bank
About 1 in 7 Singapore families has income of at least S$30k a month; share almost doubled in 5 years
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Not in education, employment or training: Why more Hong Kong youths are opting out of work
