Why has Trump refused to renew the USMCA, and what will that mean?
News
Trade ambassador says US will not approve trilateral agreement with Canada and Mexico ‘in its current form’.
The United States has announced that it will not renew a trilateral trade agreement covering $1.6 trillion of trade between the US, Mexico and Canada, one day before the agreement was due for its first joint mandatory review.
A statement from the US trade representative, Ambassador Jamieson Greer, on Wednesday said the US would not agree to renew the trilateral agreement, also known as USMCA, “in its current form”.
Details
list of 3 items- list 1 of 3Canada sidelined in USMCA renegotiations amid growing trade rifts
– list 2 of 3Mexico and Canada push to extend USMCA trade pact
– list 3 of 3Canada seeks USMCA renewal for 16 years, sector tariff discussions
Analysis
“The United States will continue to engage with Mexico and Canada to address the Agreement’s shortcomings and our trade deficits with these countries. However, the Agreement remains in force pending resolution of these issues or until the Agreement’s termination,” the statement read.
It added that the US will meet Mexico during the week of July 20 for a third round of bilateral negotiations related to the USMCA joint review.
The US’s decision not to renew the deal comes after US President Donald Trump repeatedly expressed that he did not see the need for the trade agreement.
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