Goodbye, NAFTA; hello, USMCA: Lessons for Australia post-covid19
Patrick J. Byrne While Australian policymakers regard free trade agreements as set in concrete, the Trump administration has renegotiated its trade agreement with Mexico and Canada. After 26 years, the North American Free Trade Agreement (NAFTA) has been replaced with the United States Mexico Canada Agreement (USMCA). Important changes reflect U.S. determination to stop American car, steel and aluminium industries being further undermined, as online news service Vox (July 1, 2020) points out. Wage and labour rules require that by 2023, 40-45 per cent of automobile parts must be made by workers who earn at least $US16 an hour. Mexico has…