While the continental trade agreement between the U.S., Mexico, and Canada stalls in the ratification process, the Africa Continental Free Trade Agreement (AfCFTA) quietly came into force on May 30. A unified market for the participating countries is set to be launched on July 7.

So far, 52 countries have signed the agreement and 24 of those legislations have ratified the agreement. The minimum threshold for passage is 22 legislative ratifications. The continent’s largest economy and most populous country, Nigeria, is yet to sign the AfCFTA. Nigeria’s President Muhammadu Buhari is reportedly reviewing an impact assessment and consulting with domestic economic stakeholders to determine whether or not Nigeria will sign the agreement.

According to an official statement and tweet from U.S. President Trump on May 30, the U.S. will impose a 5% tariff on all goods imported from Mexico beginning on June 10. The tariff hike is set to be issued in response to the sustained influx in migrants crossing the U.S. border through Mexico.

In the statement, President Trump asserts that, “Mexico’s passive cooperation in allowing this mass incursion constitutes an emergency and extraordinary threat to the national security and economy of the United States.” Last month, more than 144,000 migrants were detained after crossing the US-Mexico border illegally or after presenting themselves at registered ports of entry – the highest number in 13 years.

U.S. President Donald Trump and Chinese President Xi Jinping are set to meet at the G-20 summit in Japan next month. The leaders of the world’s two largest economies will likely aim to resolve their long-contentious trade dispute, but if they fail to reach an agreement, there’s a good chance Trump will follow through on his threat to place additional 25 percent tariffs on $300 billion worth of Chinese goods. According to a recent Citi report, additional tariffs on virtually all Chinese imports would be far worse than what consumers have seen so far, because the first round of tariffs focused mainly on capital goods, not goods consumers purchase directly.