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Between 2024 and 2025, Mexico, the United States, and Canada—the three governments that are signatories of the USMCA, the free trade agreement that replaced NAFTA—announced tens of billions of dollars of investments into battery gigafactories, semiconductor plants, and new automotive assembly lines. These announcements came in the leadup to the USMCA’s official joint review, scheduled to begin on July 1 of this year, which is expected to result in tightened regulation intended to exclude any ...