US Ratifies USMCA – Trump Signs the Revised Trade Agreement in a Signing Ceremony

US President Donald Trump signed the revised USMCA trade agreement at a ceremony, a significant victory towards improving the trade

Arslan Butt•Thursday, January 30, 2020•1 min read

On Wednesday, US President Donald Trump signed the revised USMCA trade agreement at a ceremony, a significant victory towards improving the trade relationship with Mexico and Canada. The signing ceremony was attended by around 400 guests, but key Democrat lawmakers who had helped getting the deal passed through the Congress were conspicuously absent.

With this, the USMCA has officially been ratified by the US and will come into effect as soon as Canada ratifies it as well. The revised trade agreement will replace the decades-old NAFTA, and consists of stricter rules on environmental, labor and automotive concerns.

At stake is a $1.2 trillion worth US-Mexico-Canada trade relationship, which Trump states will help boost US economic growth even as it benefits farmers, laborers and manufacturers in the US. However, it remains unclear when the trade agreement will be implemented, with economists speculating that it could take some months after Canada ratifies it for all three countries to confirm their concurrence with the USMCA’s obligations before it is enforced.

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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.