Trump declines to renew USMCA, triggering a decade of annual reviews
Washington forgoes the joint extension, leaving ~$2 trillion in North American trade under prolonged uncertainty
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Summary
On 10 June 2026, President Trump said the US is "not looking to renew" the Usmca ahead of the 1 July joint-review deadline. Under Article 34.7, declining the 16-year extension does not kill the deal; it triggers annual reviews for up to ten years. The pact governs roughly $2 trillion in trilateral trade and shields about 90% of Canadian exports from tariffs. Canada (PM Carney) seeks tariff relief and calls Trump's tariffs treaty violations; Mexico (President Sheinbaum) pursues de-escalation, and the two have formed a common front. A trilateral virtual meeting was set for 1 July. China-linked supply-chain screening is a central US demand.
Why it matters
Forgoing a clean extension keeps the pact alive but converts it into a decade of annual reviews, chilling long-term investment across autos, electronics and agriculture.