What happened: July 1 is the third anniversary of the U.S.-Mexico-Canada Agreement (USMCA) entering into force, and the U.S. pork industry is celebrating. Pork exports to America’s neighbors, especially to Mexico, have soared under the successor to the North American Free Trade Agreement (NAFTA).
Since the USMCA went into effect, U.S. pork exports to Mexico have increased from nearly $1.2 billion in 2020 to more than $2 billion in 2022, while exports to Canada have grown from about $853 million in 2020 to $867 million last year. For the first four months of 2023, both countries are on pace to take record amounts of pork for the year.
Why it is important: The USMCA updated and modernized the then-23-year-old NAFTA, adding provisions related to E-commerce and digital trade and expanding market access for U.S. eggs and dairy, among other changes. Importantly, the agreement maintained the zero-tariff rate on pork traded in North America that was established under NAFTA.
Click here to see more...