NAFTA is Saved – Prepare for Higher Mortgage Rates
Canada and the United States came to an agreement at the 11th hour last night to save the The North American Free Trade Agreement (NAFTA). The Agreement now has new name, the United States-Mexico-Canada Agreement (USMCA).
The Agreement comes as a relief to Canadians, as many if not most held that the repeal of NAFTA would have had disastrous effects on our economy, potentially destroying our auto sector. Indeed, in 2017 alone two-way trade between the U.S. and Canada totaled over 580 Billion Dollars. The loss of Free Trade with the U.S would have severely undercut the immense trade between the two countries, and thousands of jobs would have been lost.