Mexico Plans USMCA Trilateral Trade Review with U.S., Canada in Q4

Mexico is preparing to initiate the formal review of the USMCA trade agreement with the United States and Canada, expected to begin in late September or early October of this year, as stated by Economy Minister Marcelo Ebrard. The USMCA, which replaced NAFTA in 2020 and was negotiated during President Donald Trump's tenure, requires a joint review every six years. Canadian Prime Minister Mark Carney has expressed a more cautious stance, emphasizing the need to resolve bilateral issues with the U.S., including tariffs and fentanyl smuggling, before engaging in broader USMCA talks. Despite the free trade deal, the U.S. has maintained tariffs on some imports from Canada and Mexico, with Trump advocating for renegotiations to secure better trade terms for the U.S. The discussions between the three countries highlight ongoing complexities in trilateral trade relations amid efforts to address these disputes ahead of the scheduled review.