USMCA is

$$ a trading bloc of $27($not $28)$ European countries who have agreed to abolish tariffs and import quotas on most products and have liberalized the movement of labor and capital.

a common currency zone in which members have adopted the euro as their common currency.

a trade bloc made up of the United States, Canada, and Mexico whose purpose is to reduce tariffs and other trade barriers among the three countries.

a group that oversees trade agreements reached by member nations and arbitrates trade disputes among them.