Snapshot

A trade deal was finally struck between the US and Canada that combined with the Mexico deal has been rebranded as "USMCA", though it could aptly be described as the same old NAFTA with a few tweaks. The deal tilts protectionist, but perhaps the most controversial new clause requires notification of any trade talks with a "non-market" economy which some say gives the US effective veto power over Canada and Mexico negotiating trade agreements with China. In any case, having mostly settled its trade skirmishes around the world, the US has clearly narrowed its trade focus on China.