President Donald Trump said Wednesday that the U.S. might not renew the United States-Mexico-Canada Agreement, or USMCA, the free trade agreement among the three countries.

In an appearance in the Oval Office Wednesday, Trump criticized trade deficits with Mexico and Canada, ‌although he said he was talking with their leaders about the matter.

The three countries need to approve a renewal of their existing agreement by July 1 or signal their ​intention to exit the pact, a process that would take 10 ​years and would buy time for alterations.

"I’m not looking to renew ⁠it. We don't need anything that Canada ​has," Trump said.

"We don't need anything that Mexico has, but they need everything that ​we have. They have to treat us better."

If all three countries do not ‌agree to extend ​it, the pact would move to annual ‌reviews until 2036.

The U.S. Trade Representative's Office has said the U.S. and Mexico will hold a second round of negotiations in Washington June 16 and ​17, focused on agriculture and "a level playing field," with a third set of ​talks in Mexico City scheduled for the week of July 20.

Last week, Dominic LeBlanc, Canada's minister for U.S. trade, sent a letter to U.S. Trade Representative Jamieson Greer and Mexican Secretary of Economy Marcelo Ebrard recommending both countries renew the agreement for another 16 years.

"The Agreement is highly beneficial to each of our countries and to the integrated North American economy," LeBlanc wrote.

The 6-year-old USMCA and ​its predecessor pact ​have created a ⁠highly integrated North American economy, underpinning nearly $1.6 trillion in annual trilateral trade, but its future hinges on negotiations over the ​coming months.

The United States in 2025 had a $46 billion ​trade deficit ⁠in goods with Canada and a $197 billion deficit with Mexico.

Businesses have criticized ‌Canada for being slow to begin the USMCA review process, while Mexico has been more proactively engaging with the U.S. administration.

Trump ‌suspended all talks with Canada late last year after the province of Ontario aired an advertisement featuring former President Ronald Reagan warning that tariffs lead to trade wars.

Mexico has been the top U.S. trading partner since 2023 and some 80% of Mexican exports go to ⁠the ​United States, while nearly 70% of Canada's exports ​head to its southern neighbor.

Mexico and Canada import nearly one-third of exported U.S. goods.

Reuters contributed to this report.