The U.S.-Mexico-Canada trade agreement took effect Wednesday, July 1, after the coronavirus laid bare the importance of shoring up North American supply chains and manufacturing when countries in the region found themselves scrambling for locally produced medical supplies and technology. Even today, all three economies are now sorely hurting after months of quarantines.

"Now more than ever, it is crucial that the three parties think as a trade bloc and not as separate countries," said Adriana Ibarra-Fernandez, a partner with Baker McKenzie in Mexico City who once served as legal director of rules of origin, customs procedures and safeguards in the Mexican Economy Ministry.