What Is The New Trade Agreement That Replaced Nafta And Why Was It Replaced

*The Agreement states that the value of the import shall not exceed $1,000 or the equivalent amount in the currency of the importing Party or such greater amount as the importing Party may determine. On July 1, 2020, a new trade agreement between the United States, Mexico and Canada will replace the 25-year-old North American Trade Agreement (NAFTA). Each participating country has its own name. President Trump on Wednesday signed the revised North American Free Trade Agreement, fulfilling a campaign promise to rewrite “one of the worst trade deals” in history. Other work-related measures include a minimum wage requirement in the automotive industry. Specifically, 40 to 45 percent of automobiles manufactured in North America must be manufactured in a plant that pays at least $16 per hour. [37] The United States lobbied to improve access to the Canadian milk market.