The text of the new “United States-Mexico-Canada Agreement” was released last Sunday night, a few hours after I had spoken at an event in Birmingham, England about the virtues of “The Ideal U.S.-U.K. Free Trade Agreement.” To borrow from the late Sen. Lloyd Bentsen: I know the ideal free trade agreement; USCMA, you're no ideal free trade agreement.
The ideal free trade agreement is one which accomplishes maximum market barrier reduction, enables maximum market integration, forecloses governments' access to discriminatory protectionism, and obligates the parties to refrain from backsliding.
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