Research Article
The Research of USMCA
@INPROCEEDINGS{10.4108/eai.19-5-2023.2334224, author={Tianshuo Zhang}, title={The Research of USMCA}, proceedings={Proceedings of the 2nd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2023, May 19--21, 2023, Hangzhou, China}, publisher={EAI}, proceedings_a={ICBBEM}, year={2023}, month={7}, keywords={usmca; international economic and trade rules}, doi={10.4108/eai.19-5-2023.2334224} }- Tianshuo Zhang
Year: 2023
The Research of USMCA
ICBBEM
EAI
DOI: 10.4108/eai.19-5-2023.2334224
Abstract
The United States, Mexico and Canada have updated the North American Free Trade Agreement. The new USMCA agreement will take effect on July 1, 2020, opening a new chapter in cooperation between the three countries. USMCA inherits most of the content of NAFTA, such as the most typical dispute resolution mechanism. However, with the continuous development of technology and the changing needs of treaty countries, USMCA has also made adjustments in many areas. The impact of USMCA on international economy and trade rules cannot be underestimated. It can bring manufacturing back to North America to some extent and transform North America into a manufacturing center. However, USMCA also has certain shortcomings. The signing of USMCA is a trade barrier set by the United States against China. It will definitely have a serious impact on Sino-US trade. USMCA places too much emphasis on trade protectionism and has major shortcomings in the face of long-term development or sudden events such as the COVID-19 pandemic.