There are three notable industries that look to benefit from USMCA. The U.S. Automotive, Agricultural, and Dairy Industries are poised to be the biggest beneficiaries. U.S. dairy farmers will get some reprieve from Canadian tariffs and quotas, but only on certain products. However, U.S. farmers will still only have access to 10% of the Canadian dairy market. Amongst the new agreement, Canada has agreed to recognize a longer copyright period for drug patents. The U.S. Pharmaceutical industry will now have longer time periods to sell their products before generic drugs are allowed to be sold. What the agreement does not address are the steel tariffs, which are being dealt with separately. Will the United States-Mexico-Canada Agreement be a template for Trump’s continuing trade fights? Maybe, but it must still be approved by Congress in order to be implemented.
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