U.S. Senate committees are reported to have been moving quickly to advance the bill to implement the USMCA before the impeachment of the U.S. President, Donald Trump, takes place. The initial version of the USMCA was signed in November 2018, but it is claimed that Democrats accused the deal of not going far enough to protect the environment and insisted on changes to labour, environment, enforcement and drug patent protection provisions before putting the deal to a vote.

Meanwhile, Mexico has ratified the deal, but Canada has not yet passed it. The USMCA does not take effect until all three countries approve it.

Sources: Bloomberg/CNBC