Countries will start looking inward and isolationism is likely to be a driver for both economic and foreign policy.
The agreement includes tougher rules on labour and automotive content but leaves $1.2 trillion in annual US-Mexico-Canada trade flows largely unchanged.
US president had long been a critic of the previous NAFTA agreement, which he said shortchanged US workers.
As part of US ratification of the United States-Mexico-Canada Agreement (USMCA), Democrats in Congress proposed designating up to five American labor attaches to monitor compliance in Mexico.
The signing ceremony in Mexico City launched what may be the final approval effort for US President Donald Trump's three-year quest to revamp the 1994 North American Free Trade Agreement (NAFTA).
Tariffs come amid an ongoing trade war between the US and China and could risk destabilising the global economy further.
Since the beginning of the year, some 50 people, mainly government detractors, have been abducted and tortured in Zimbabwe, but it is not easy to say who could be behind these heinous crimes.
China imposed additional tariffs on some of the US goods on a $75-billion target list while the Trump administration's latest round of tariffs on Chinese imports has taken effect early Sunday.
China’s Commerce Ministry expects a favourable outcome from the next round of face-to-face trade talks with the US scheduled in September, as tensions between the world's two largest economies grow.
The decision comes two months after US President Donald Trump agreed to lift tariffs on steel and aluminum from Mexico and Canada after the three nations agreed on a revised North American free trade pact.
Vietnam and the European Union signed a free trade deal reducing tariffs on goods of 99 percent traded between the southeastern state and the Union. The deal will boost Vietnams economy by around 5 percent until 2024-2028.
The US-China trade war is already having a negative impact on the global economy. If Donald Trump and Xi Jinping cannot agree to new terms at the G20 Summit, it will affect everyone.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2020 TRT World.