I love it. My geopolitical fantasy is that North America, Central America, and the Caribbean form an EU-esque partnership some day. We need to focus on supporting and uplifting our neighbors.
“My dream is a hemispheric common market, with open trade and open borders, some time in the future with energy that is as green and sustainable as we can get it, powering growth and opportunity for every person in the hemisphere.” - Hillary Clinton
Tl;dr NAFTA (and later USMCA) is primarily a trade agreement, while the EU is much broader in scope, including free movement of people without visa restrictions and a common currency.
The countries with the infrastructure, and skilled population, to create a lot of major exports are rapidly getting more expensive as their cost of living increases. This, on top of the extra over-head of shipping across the planet, is causing a lot of industries to seek manufacturing bases closer to home. A number of higher end industries are returning to the US, others places like Mexico and Brazil.
It's not like China has any intention of lifting the counter tariffs they put in place, especially with tensions rising over Taiwan, so there's almost no reason for the biden admin to have done this.
Was reading an article about the CPTPP that left me wondering if/when the US might have another crack at it? It's sort of an Everyone-But-China economic club as it stands, and the US was heavily involved in it early on until Trump came along.
China's exports to the West (as a proportion of the total) has been shrinking: most recently, it was reported that China now exports more to the Global South than to all developed countries combined.
This is, in large part, as China also pursues "friendshoring" by offshoring labour-intensive manufacturing to countries like Vietnam, Malaysia, and recently even considering expansion to Mexico.