Mexican President Claudia Sheinbaum announced that Mexico has signed a proposed 16-year extension for the U.S.-Mexico-Canada Agreement (USMCA). Canada has also completed the necessary steps for the extension and is awaiting a response from the United States. Top trade officials from all three North American nations are scheduled to convene on July 1 to deliberate on the future of the trade pact.
If the proposed extension is not approved, the agreement will enter a formal review process to assess the need for modifications. This initiative comes weeks after former President Donald Trump indicated a preference for terminating the existing trade deal. The USMCA, which replaced the North American Free Trade Agreement (NAFTA), governs trade relations between the three countries. Its future has been a subject of discussion, particularly in light of past statements by Trump, who has been critical of previous trade agreements.