As soon as President Donald Trump got into office, he threatened to withdraw from the North American Free Trade Agreement (NAFTA). He imposed metal tariffs on steel and aluminum for the stated purpose of forcing Canada and Mexico to renegotiate the 25-year-old trade agreement. The result was the United States-Mexico-Canada Agreement (USMCA), or “new NAFTA.” Unfortunately, writes Veronique de Rugy, the USMCA is even more protectionist than NAFTA and will impose net welfare losses on Americans.
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