The Trump administration has decided not to renew its trilateral trade pact with Canada and Mexico known as USMCA:
- July 1 marked the deadline to renew the 16-year trade pact.
- President Donald Trump once lauded the USMCA deal, which he signed during his first term in office, but has soured on it since.
The decision means the USMCA will stay in effect for another decade, provided no member tries to withdraw from it. However, it also triggers yearly reviews that could result in the renegotiation of major parts of the treaty.
U.S. Trade Representative Jamieson Greer stated that the Trump administration will continue to engage with Mexico and Canada to address the Agreement's shortcomings.
The USMCA was negotiated during Trump's first term to replace the previous, 26-year-old trilateral trade pact known as NAFTA.
