Washington refused to renew the USMCA on 1 July, opening annual reviews and years of uncertainty over $2tn in trade. Here is the Latin America read.

The US has triggered a decade-long process to potentially exit the USMCA trade agreement, with a critical joint review set for July 2026.

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

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