A new version of NAFTA, called USMCA (the agreement between the United States, Mexico and Canada), is expected to enter into force on July 1, 2020. After nearly three years of negotiations, each nation is striving to meet country-specific requirements in order to meet the implementation date. This “new NAFTA” makes several notable updates to the previous agreement, including: “By the time the United States imposes trade tariffs, we would be there,” said Gustavo Idigoras, president of Argentina`s CIARA-CEC Chamber of Grain Exporting Companies, which represents global traders such as Louis Dreyfus Company, ADM and Cargill. i. increase and duty-free export quotas for trade in light vehicles; from $575 million on March 19, 2015 and reached a total of $638 million last year (March 19, 2018 to March 18, 2019). The increase in quotas is in line with the expected evolution of the market. After the conclusion of the Economic Partnership Agreement (ECA) 55 on Tuesday, Mexico will maintain free trade in light vehicles with Brazil, while it will implement a quota policy with Argentina for a period of three years and then switch to free trade mode. The agreement will exempt light vehicles and auto parts exported between Mexico and Argentina from tariffs. Mexico is currently in trade talks with Argentina, whose Mexican minister said Mexico will likely import grain from Argentina. On the other hand, uniform tariffs are applied to countries that are not members of a free trade agreement, but nevertheless trade – trade between China and the United States is a good example.

A third-party source sets these duties, usually the World Trade Organization (WTO), and applies on a case-by-case basis. . . .