In the immediate term, the move changes little, but will contribute to ongoing investment and business uncertainty. The three national leaders were not in Wednesday’s virtual meeting.

While the agreement may survive at the end of negotiations, years of uncertainty, tariffs, and prolonged talks could reshape North American trade.

Officials from the US, Mexico, and Canada will meet on Wednesday to review the trade agreement after Trump said he does not want to extend.

USMCA came into effect on July 1, 2020, and is slated to expire after 16 years.