Trump Mulls At Ending His Signature Trade Deal
President Donald Trump says he is “not looking to renew” the US-Mexico-Canada Agreement (USMCA), a trade pact he championed in his first term.
USMCA, enforced on July 1, 2020, was introduced as a replacement for the North American Free Trade Agreement (NAFTA). The purpose of the agreement was to create “more balanced, reciprocal trade supporting high-paying jobs for Americans and grow the North American economy,” according to the Office of the United States Trade Representative.
The agreement requires the three nations to decide by July 1, 2026, whether to extend the pact for an additional 16 years. If any party declines the 16 year renewal, it triggers mandatory annual reviews to resolve disputes before the agreement formally ends in 2036.
Both Canada and Mexico have called to renew the agreement, but the United States may not be on board, according to the BBC.
Trump stated today that he did not see any need to renew the agreement.
Tagged: Economy BACK TO HOMEPAGE