US refuses to extend North America trade pact in current form
The United States has declined to renew a North American trade pact with Canada and Mexico in its current state, meaning the deal will now be reviewed annually.
The move is likely to fuel uncertainty for businesses, given the deep integration across North American supply chains in sectors like automobiles.
But the U.S.-Mexico-Canada Agreement (USMCA) remains in force for another 10 years even if not extended by the July 1 deadline.
The free trade pact will instead be subject to annual reviews, unless a country decides to withdraw entirely."The United States did not agree to renew the USMCA in its current form. As a result, the USMCA is not renewed," U.S. Trade Representative Jamieson Greer said in a statement.
