North American Free Trade Agreement (NAFTA)

NAFTA, in effect from 1994, eliminated most trade barriers among the United States, Canada, and Mexico. It increased trade among the three countries dramatically. Critics in the U.S. argued that NAFTA accelerated the loss of manufacturing jobs to Mexico; supporters argued that it produced overall economic benefits and lower prices for consumers. NAFTA was replaced by the United States-Mexico-Canada Agreement (USMCA) in 2020, with modifications but the same basic structure.