The United States, Canada, and Mexico reached a new trade agreement in 2018 that replaced the North American Free Trade Agreement (NAFTA). The new agreement, called the United States-Mexico-Canada Agreement (USMCA), has been touted by the Trump administration as a major improvement over NAFTA. But is it really better than the old agreement?

One of the main goals of the USMCA was to make it easier for American companies to sell their products in Canada and Mexico. The agreement includes new rules for automotive manufacturing, which are intended to encourage more production in the United States. The USMCA also includes stronger protections for American companies` intellectual property, which should make it easier for them to do business in Canada and Mexico without fear of having their ideas stolen.

Another key feature of the USMCA is its updated labor provisions. The agreement requires Mexico to implement new labor laws that give workers more rights and protections. These changes are designed to level the playing field, as American companies will no longer be able to take advantage of cheap labor in Mexico.

Despite these improvements, some experts believe that the USMCA is not much different from NAFTA. For example, the agreement still allows for dispute resolution through a NAFTA-style tribunal, which critics say can be biased in favor of big corporations. The USMCA also maintains the controversial “Chapter 19” provision, which allows for independent panels to review anti-dumping and countervailing duty determinations made by governments.

Overall, whether or not the USMCA is better than NAFTA depends on your perspective. If you believe that NAFTA was a bad deal for the United States, then the USMCA is likely an improvement. But if you think that NAFTA was generally beneficial for the U.S. economy, then the new agreement may not be a significant upgrade. Regardless, the USMCA is now the law of the land, and it will have a major impact on North American trade for years to come.