Given the flurry of NAFTA headlines we've seen over the past year, it's tempting to brush the latest round aside as yet more noise. However, we may now be closer to a crossroads as the legislative landscape in the U.S. and Mexico is set to shift with upcoming elections.

How did we get here? On July 17, 2017, the United States Trade Representative issued Summary Objectives for the NAFTA Renegotiation. The document highlights "exploding" trade deficits and the closure of "thousands of factories" over the life of the 24-year-old trade agreement. At their core, the objectives centre on maintaining and improving market access for American agriculture, manufacturing and services as well as improving the U.S. trade balance.