USMCA: 2026
Key Facts
—Trade volume. The three USMCA members trade roughly US$1.6 trillion in goods per year, per US Census Bureau data. Two-way US-Mexico goods trade was US$839.6 billion in 2024, and Mexico remained the United States’ largest goods trading partner in 2025, ahead of China and Canada.
—Review held. The first six-year joint review under Article 34.7 took place on July 1, 2026. USTR had opened the process with a September 17, 2025 Federal Register notice and public hearings in late 2025. The parties left the July meeting without confirming a 16-year extension, moving the pact into annual review cycles.
—Steel dispute. US Section 232 tariffs on steel and aluminum — reimposed on Mexico and Canada in March 2025 and doubled to 50% in June 2025 — are Mexico’s top grievance in the review. Washington has so far declined to restore the exemptions.
