political party changed its name to the Institutional Revolutionary Party, and while maintaining revolutionary rhetoric, in fact embarked on industrialization that straddled the line between nationalist and pro-business policies. Mexico supported U.S. policies in the Cold War and did not challenge U.S. intervention in Guatemala that ousted leftist president Jacobo Arbenz. Boundary issues and the border region Under Mexican president Adolfo López Mateos, the U.S. and Mexico concluded a treaty on January 14, 1964, to resolve the Chamizal dispute over the boundary between the two countries, with the U.S. ceding the disputed territory. The Boundary Treaty of 1970 resolved further issues between the two countries. Since then, jurisdictional issues regarding water rights in the Rio Grande Valley have continued to cause tension between farmers on both sides of the border, according to Mexican political scientist Armand Peschard-Sverdrup. North American Free Trade Agreement (1994–present) Mexico, United States and Canada signed the North American Free Trade Agreement (NAFTA) in 1994 with the goal of eliminating barriers to trade and investment. After securing the NAFTA treaty that integrated the Mexican and American economies, President Bill Clinton faced yet another foreign crisis in early 1995. The Mexican peso began to fall sharply and threatened the collapse of the Mexican economy. Clinton feared that a collapse would have a negative impact on the United States because of their close economic ties. He proposed a plan to address the financial crisis in Mexico, but many in Congress, fearing that constituents would not favor aid money to Mexico, rejected the plan. In response, Clinton used executive authority to create a $20 billion loan package for Mexico to restore international confidence in the Mexican economy. The loan went through and Mexico completed its loan payments to the United States in January 1997, three years ahead of schedule. However, issues such as drug smuggling and immigration continued to strain relations. Since 1994, the United States and Mexico have tightened their economic ties. The US is Mexico's largest trading partner, accounting for close to half of all exports in 2008 and more than half of all imports in 2009. For the US, Mexico is the third largest trading partner after Canada and China . In 2017, two-way trade between both nations amounted to US$521.5 billion. The trade in goods and services totaled $677 billion in 2019. Exports to Mexico were $289 billion; imports were $388 billion. Illegal immigration from Mexico