Making sense of NAFTA and its replacement
In 2016, Donald Trump’s trade message was very simple: the North American Free Trade Agreement (NAFTA) was the worst trade deal ever negotiated.
He has renegotiated NAFTA, rebranding the deal as the United States-Mexico-Canada Agreement (USMCA). We never quite understood his objection to the original NAFTA, and we don’t understand how USMCA fixes it. You need to squint to see the difference between NAFTA and its replacement.