The United States Senate voted in favor of the United States-Mexico-Canada Agreement (USMCA). The agreement has now passed both the House and the Senate, which paves the way for President Trump’s signature next week. After that, Canada will need to ratify the agreement.
Though there are differences between the agreements, the new agreement preserves large portions of NAFTA. USMCA could be better described as an update to NAFTA rather than a completely new trade agreement.