Industry associations up and down the steel and metals supply chain applauded the United States-Mexico-Canada Agreement (USMCA) trade pact going into effect on Wednesday July 1.
The update to the North American Free Trade Agreement - which previously governed trade between the three nations - should increase demand while also assuring that essential cross-border supply chains remain intact, the American Iron and Steel Institute (AISI) and other steel groups said in press releases on Wednesday.
"The USMCA will strengthen the competitiveness of all three trading partners while enhancing the development of North America's globally competitive advanced manufacturing sector, particularly for North American steelmakers," the AISI said in a joint press release. That release was also signed by the Steel Manufacturers Association (SMA), the Canadian Steel Producers Association (CSPA), Mexican steel association Canacero, the Committee on Pipe and Tube Imports (CPTI) and the Specialty Steel Industry of North America (SSINA).
The groups in particular hailed stricter rules concerning original and regional content requirements as well as ramped-up efforts to prevent duty circumvention.
The Institute of Scrap Recycling...