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Definition: Enacted in July 2020, the U.S.-Mexico-Canada Agreement (USMCA) replaced the North American Free Trade Agreement (NAFTA). It preserves tariff-free access for most goods while adding provisions on digital trade, intellectual property, labor and environmental standards. The deal strengthens U.S. dairy access to Canada, requires higher North American content in automobiles, and sets stronger labor protections in Mexico. The USMCA aims to balance competitiveness with fair practices, supporting nearly US$1.5 trillion in annual trade among the three nations.