US says it won’t agree to renew USMCA
Summary
The United States has decided not to renew the USMCA trade agreement with Canada and Mexico yet. The US government will continue talks to fix issues in the agreement and address trade deficits but has not agreed to extend the pact in its current form.Key Facts
- The US Trade Representative announced the US will not renew the USMCA now.
- USMCA is a trade deal between the US, Canada, and Mexico that started in 2020 and is set to expire in 2036.
- The US says the agreement did not reduce its trade deficits with Canada and Mexico as expected.
- If the three countries do not all agree to an extension, the deal will require annual reviews instead of a long-term renewal.
- Canada and Mexico want to continue discussions and support the agreement.
- The US plans to meet with Mexico in late July to discuss the trade pact.
- President Donald Trump has expressed mixed feelings about the agreement, calling it of “no real advantage” but being open to negotiation.
- Despite the US decision, the USMCA remains in effect until it eventually expires in 2036.
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