Washington demands changes to the trade pact, proposing annual reviews over the next decade amid concerns over deficits and enforcement.
The US has declined to renew the US-Mexico-Canada Agreement (USMCA) in its existing form, citing unresolved shortcomings and trade deficits. Officials will continue negotiations with Mexico and Canada to address these issues while the agreement remains in force.
The US Trade Representative (USTR) plans annual reviews of the USMCA for the next 10 years, signaling a shift toward stricter oversight. Mexico’s economic minister confirmed a meeting with USTR on July 20 to discuss potential revisions, following recent tariff adjustments under US trade policy.
Markets may monitor developments as the US seeks to renegotiate terms, potentially impacting North American trade flows and supply chains.