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NAFTA to USMCA
What is Gained?

by Mary E. Burfisher, Frederic Lambert, and Troy D. Matheson

Series:Working Paper No. 19/73
ISBN 9781498303286
Code: #WPIEA2019073

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
34 pages
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The United States – Mexico – Canada Agreement (USMCA) was signed on November 30, 2018 and aims to replace and modernize the North-American Free Trade Agreement (NAFTA). This paper uses a global, multisector, computable-general-equilibrium model to provide an analytical assessment of five key provisions in the new agreement, including tighter rules of origin in the automotive, textiles and apparel sectors, more liberalized agricultural trade, and other trade facilitation measures. The results show that together these provisions would adversely affect trade in the automotive, textiles and apparel sectors, while generating modest aggregate gains in terms of welfare, mostly driven by improved goods market access, with a negligible effect on real GDP. The welfare benefits from USMCA would be greatly enhanced with the elimination of U.S. tariffs on steel and aluminum imports from Canada and Mexico and the elimination of the Canadian and Mexican import surtaxes imposed after the U.S. tariffs were put in place.
NAFTA to USMCA
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 124754 Added: 2019.4.6