The rejiggered North American Free Trade Agreement pulls the Mexican and U.S. economies closer together, and raises the drawbridge to reduce trade with Asia. For Mexicans who already felt too dependent on the U.S., this is a grim combination.
The reconfigured accord, announced last week, seems like another chapter in the global playbook of muscular regionalism. Globalization is morphing into a new kind of trans-border commerce.
USMCA, as the new pact is known, draws supply chains further inward among the U.S., Canada and Mexico, and away from the outside world.
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