United States-Mexico-Canada Agreement (USMCA)
USMCA updates and improves the North American Free Trade Agreement (NAFTA), a 25-year-old trade agreement among the US, Canada, and Mexico. The NAFTA agreement needs to be modernized to reflect the 21st century economy and better enable American interests and workers to compete.
U.S. trade with our neighbors now totals more than $1 trillion dollars annually, and more than half of our nation’s energy exports go to Canada or Mexico. Canada is America’s largest energy trading partner, and Mexico is an important source of crude for our U.S. Gulf Coast refineries and a significant market for our fuels, lubes, natural gas, and petrochemical products.
The USMCA will support U.S. energy leadership by continuing to facilitate fair trade and U.S. oil and gas investments in Mexico and Canada.
Unlike NAFTA, USMCA requires a review every six years to make sure it still benefits American workers and families.
Creates Jobs. Trade with Canada and Mexico currently supports 12 million American jobs, and USMCA will create hundreds of thousands of additional jobs for American workers.
Promotes U.S Energy Leadership. The U.S. is the world’s #1 producer of oil & gas, and USMCA will keep American energy exports to Canada and Mexico free of tariffs.
Strengthens U.S. Energy Security. The free flow of energy products among USMCA partners lowers reliance on energy imports from outside of North America.
Supports American Competitiveness. USMCA will ensure a level playing field for American producers and manufacturers by raising enforcement standards and improving transparency.
Lowers energy bills for American families. An integrated market is more efficient, resulting in more reliable and affordable energy for consumers.