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North American trade deal to take effect on July 1

Christian Fernsby ▼ | April 25, 2020
The Trump administration notified Congress on Friday that the U.S.-Mexico-Canada Agreement will take effect on July 1, bringing to a close an almost three-year process that President Donald Trump began in rewriting the 25-year-old NAFTA.
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The three countries still need to wrap up certain requirements in the next two months, but the move triggers the clock for the deal to enter into effect in July. The step, however, is opposed by many North American business leaders who sought to delay USMCA implementation because of the economic difficulties arising from the spread of the coronavirus.

Topics: America trade

"Given the pandemic's really unprecedented economic disruption, companies will need time to adapt to the new regulations, some of which have yet to be issued," said John Murphy, senior vice president for international policy at the U.S. Chamber of Commerce. "Industry wants the administration to show flexibility in the months before and after entry into force so they can focus on making payroll and avoiding layoffs."

July 1 aligns with Trump’s goal, before the pandemic, for the deal to take effect this summer. Even before the coronavirus stalled the economy, former administration officials and industry leaders thought Trump’s summer goal was “historically ambitious.”


 

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