Revised NAFTA alleviates threat of new tariffs in North America

Canada, the United States, and Mexico have agreed to a revision of the North American Free Trade Agreement (NAFTA) that preserves tariff-free access across North American borders, puts in place some new regulatory requirements especially for the automotive sector, and otherwise makes minor tweaks to existing market access and trade rules that should have limited impacts on most companies. The new trade pact will be called the United States-Mexico-Canada Agreement or USMCA. Ratification is possible in 2019, with the agreement entering into force as early as 2020.