USMCA to take effect July 1st
July 1st has been named as the day the USMCA trade agreement will go into full force. U.S. Trade Representative Robert Lighthizer issued a statement Friday saying Mexico and Canada have taken measures necessary to comply with their commitments under the deal.
The U.S. was the final party to notify the other two countries that it had completed domestic procedures to implement the agreement. Lighthizer says the crisis and recovery from the Covid-19 pandemic demonstrates that now, more than ever, the United States should strive to increase manufacturing capacity and investment in North America and that the USMCA’s entry into force is a landmark achievement in that effort. Lighthizer says his office will continue working to ensure a smooth USMCA implementation so that American workers and businesses can enjoy the benefits of the new agreement.
Some groups including the U.S. Chamber of Commerce are reportedly concerned about the July 1 timeline as business and industry try to focus on recovery from the coronavirus hit to the economy, and stabilizing jobs and production.