The USMCA is expected to have very little impact on the economy.  An International Monetary Fund (IMF) working paper released in late March 2019 established that the agreement would have a „negligible“ impact on the economy as a whole.   According to the IMF study, the USMCA „would affect trade in the automotive, textile, and apparel sectors, while generating modest overall gains in welfare, fueled primarily by improved market access for goods with negligible effects on real GDP.“  The IMF study found that the economic benefits of the USMCA would be significantly increased if there were the end of Trump`s trade war (i.e.: if the U.S. abolishes tariffs on steel and aluminum imports from Canada and Mexico, and Canada and Mexico have dropped retaliatory duties on imports from the U.S.).  But other economists, including Gary Clyde Hufbauer and Cathleen Cimino-Isaacs of the Peterson Institute for International Economics (PIIE), have pointed out that stronger trade represents overall benefits for the U.S. economy. Some jobs are lost because of imports, others are created and consumers benefit greatly from lower prices and often improved product quality. Their 2014 PIIE study on the impact of NAFTA found a net loss of about fifteen thousand jobs a year due to the pact — but gains of about $450,000 for every job lost in the form of increased productivity and lower consumer prices. The agreement between the United States, Mexico and Canada is based on the North American Free Trade Agreement (NAFTA), which entered into force on January 1, 1994. This Agreement has been the result of more than a year of negotiations, including possible U.S. tariffs against Canada and the possibility of separate bilateral agreements.  However, the most important aspect for Canada – the opening of its economy to the United States, by far Canada`s largest trading partner – preceded NAFTA when the Canada-United States came into force in 1989. Free Trade Agreement (NAFTA).
Overall, Canada-U.S. Trade has increased rapidly as a result of Canada`s trade liberalization. According to nafta, Canadian exports to the United States have increased from $110 billion to $346 billion; Imports from the United States increased almost in the same way. The North American Free Trade Agreement (NAFTA); in Spanish: Tratado de Libre Comercio de América del Norte, TLCAN; The North American Free Trade Agreement (NAFTA) was an agreement signed by Canada, Mexico and the United States, which created a trilateral trading bloc in North America. The agreement entered into force on January 1, 1994 and replaced the 1988 United States-Canada Free Trade Agreement between the United States and Canada.  The NAFTA trading bloc was one of the largest trading blocs in the world in terms of gross domestic product. On December 19, 2019, the U.S. House of Representatives passed the USMCA by 385 votes (Democrats 193, Republicans 192) to 41 (Democrats 38, Republicans 2, Independents 1).   On January 16, 2020, the U.S. Senate passed the trade agreement by 89 votes (Democrats 38, Republicans 51) to 10 (Democrats 8, Republicans 1, Independents)  and the bill was submitted to the White House for signature by Donald Trump.
 On January 29, 2020, Trump signed the current agreement (Public Law No. 116-113).  It formally amended NAFTA, but not the 1989 Canada-U.S. Free Trade Agreement, which is only „suspended,“ so that if the parties did not renew or renew it within 6 years, the free trade agreement would become law.   „At the request of a Party, the Contracting Parties shall consult each other to consider expediting the elimination of the customs duties set out in their timetables. An agreement between two or more Parties to expedite the elimination of a customs duty on a good shall replace any customs duty or additional category established in accordance with its schedule for those goods, when approved by each of those Contracting Parties in accordance with their applicable legal procedures.“; There were three rounds of customs acceleration between Canada….