For the first time, a trade agreement will require that the agreed text of the agreement be signed by the heads of state and government of the three countries on November 30, 2018 as a secondary event at the G20 2018 summit in Buenos Aires, Argentina.  The English, Spanish and French versions will also be binding and the agreement will take effect after ratification by the three states through the adoption of enabling laws.  On April 3, 2020, Canada informed the United States and Mexico that it had completed its national process of ratifying the agreement.  The renegotiated agreement contains a chapter on macroeconomic policies and exchange rate issues, with new political and transparent monetary commitments. The chapter will address unfair monetary practices by requiring high-level commitments to avoid any devaluation of competition and to target exchange rates, while significantly increasing transparency and providing accountability mechanisms. This approach is unprecedented in the framework of a trade agreement and will contribute to strengthening macroeconomic stability and exchange rates. The U.S.-Mexico agreement is based on the North American Free Trade Agreement (NAFTA), which originally came into force on January 1, 1994. The agreement under consideration was the result of more than a year of negotiations including possible U.S. tariffs on Canada, in addition to the possibility of separate bilateral agreements.  The United States, Mexico and Canada have reached an agreement to modernize NAFTA, which is 25 years old, into a high-level agreement of the 21st century. The new agreement between the United States and Mexico-Canada (USMCA) will support mutually beneficial trade, which will lead to freer markets, fairer trade and robust economic growth in North America.
An April 2019 Analysis by the International Trade Commission on the likely effects of the USMCA estimated that the agreement would increase U.S. real GDP by 0.35 percent if the agreement were fully implemented (six years after ratification) and would increase total U.S. employment by 0.12% (176,000 jobs).   The analysis cited by another Congressional Research Service study showed that the agreement would not have a measurable effect on employment, wages or overall economic growth.  In the summer of 2019, Larry Kudlow, Trump`s chief economic adviser (the director of the National Economic Council at Trump White House), made unfounded statements about the likely economic impact of the agreement and overstated forecasts related to jobs and GDP growth.  The U.S.-Mexico-Mexico-Canada Agreement (USMCA) is a trade agreement between these parties. The USMCA replaced the North American Free Trade Agreement (NAFTA). In particular, the chapter has the strongest trade secrets protection of a previous U.S. trade agreement.
It includes all the following safeguards against the misuse of trade secrets, including by state-owned enterprises: civil proceedings and remedies, criminal proceedings and sanctions, prohibitions on obstruction of the licensing of trade secrets, judicial proceedings to prevent the disclosure of trade secrets during the judicial proceedings and sanctions against government officials for unauthorized disclosure of trade secrets. The negotiations focused “primarily on car exports, tariffs on steel and aluminum, as well as the milk, egg and poultry markets.” A provision “prevents any party from enacting laws that restrict the cross-border flow of data.”  Compared to NAFTA, the USMCA increases environmental and labour standards and encourages domestic production of cars and trucks.  The agreement also provides up-to-date intellectual property protection, gives the United States more access to the Canadian milk market, imposes a quota for Canadian and Mexican auto production, and increases the tariff limit for Canadians who purchase U.S. purchasing countries.