EXPLAINED: What Trump's new North American trade deal actually does
WASHINGTON — When President Donald Trump signed a revamped trade agreement with Mexico and Canada into law Wednesday, he kept a campaign pledge to improve upon a deal that he had long condemned.
In the wake of NAFTA, American farmers, in particular, enjoyed increased access to their neighbors’ large markets. But NAFTA also encouraged U.S. manufacturers to move factories south of the border to capitalize on cheaper Mexican labor. For instance, USMCA prohibits tariffs on digital products. It lets companies transfer data across borders without encountering discriminatory barriers. And it bars countries from requiring firms to store data within their borders, thereby allowing companies to do so wherever it makes the most business sense.
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