Bloomberg — 2026-07-01#

Lead Story#

The United States has decided against renewing the sweeping $2 trillion US-Mexico-Canada Agreement (USMCA), shifting instead to rolling annual reviews of the trilateral trade pact. The decision, unveiled by US Trade Representative Jamieson Greer, avoids an immediate collapse of the treaty—which technically remains in force for another decade unless a member exits—but opens the door to years of contentious, drawn-out renegotiations. By abandoning a straightforward renewal, the Trump administration has injected massive long-term uncertainty into North American manufacturing and cross-border supply chains.