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.