On April 24, 2020, the U.S. Trade Representative informed Canada and Mexico that the U.S. had completed all preparatory domestic procedures as its last step prior to finalizing and implementing the U.S.-Mexico-Canada Agreement (USMCA). Both Mexico and Canada gave notice earlier in April of their readiness to proceed with the trade deal. In conjunction, U.S. Customs & Border Protection (CBP) issued “Interim Implementing Instructions” for the USMCA, detailing how imports will operate under the new agreement. CBP’s regulations are currently being updated to implement the USMCA, and the procedures outlined in the “Interim Implementing Instructions” are in place pending the issuance of the amended regulations. The USMCA, which will replace NAFTA, is currently scheduled to take effect on July 1. However, as trade continues to slow or shut down during this current period of global uncertainty, there is the potential for a delay in the implementation of the trade pact, as both politicians and businesses push for a later implementation date.
For more information on how these could impact your business, contact:
- Martin Lutz, Partner (email@example.com, 512-495-6024),
- Lindsey Roskopf, Attorney (firstname.lastname@example.org, 713-615-8534), or
- Another member of the McGinnis Lochridge International Trade and Transactions Practice Group