The signing of the U.S.-Mexico-Canada Agreement (USMCA) as an update to NAFTA has not resolved all the trade issues between the three countries. Section 232 duties of 25% on Canadian and Mexican steel exports to the U.S. and 10% on aluminum have yet to be resolved. While all three parties are committed to resolving the matter – including an elimination of the duties required by the new Mexican government – there is no firm timetable. Mexico and Canada have leverage over the U.S. through their retaliation against U.S. agricultural and capital goods exports respectively. The two countries ...