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U.S. President Donald Trump has cast doubt on the future of the United States-Mexico-Canada Agreement (USMCA), saying the United States could perform better without the North American trade pact, although he remains open to signing a renewed version.
Speaking to reporters in France on Wednesday, Trump said he would prefer not to have the agreement but acknowledged that he may ultimately approve it. His remarks come as the United States, Mexico, and Canada face a July 1 deadline to either renew the trade deal or signal their intention to withdraw from it. A withdrawal process would take up to 10 years, allowing additional time for negotiations and potential revisions.
Current discussions are already underway. The Office of the U.S. Trade Representative is meeting with Mexican officials in Washington this week to address key issues, including agriculture and trade fairness. Another round of talks is scheduled to take place in Mexico City during the week of July 20.
Agricultural organizations are urging the Trump administration to extend the USMCA for another 16 years. Industry groups want continued duty-free trade for farm products, stronger protections for genetically modified corn, greater access for U.S. ethanol exports to Mexico, and improved entry into Canada’s tightly controlled dairy market.
The automotive industry is also advocating for a renewal. Matt Blunt, president of a trade group representing General Motors, Ford Motor, and Stellantis, said the agreement review presents an opportunity to strengthen North America's competitiveness against other automotive-producing nations that benefit from reciprocal trade agreements.
Since taking effect six years ago, the USMCA and its predecessor have helped create a highly integrated North American economy. The agreement supports nearly $1.6 trillion in annual trade among the three countries and remains a cornerstone of regional commerce.
Trade imbalances continue to be a major issue. In 2025, the United States recorded a $46 billion goods trade deficit with Canada and a $197 billion deficit with Mexico. Mexico has been the largest U.S. trading partner since 2023, with approximately 80% of Mexican exports destined for the U.S. market. Meanwhile, nearly 70% of Canadian exports are shipped south of the border. Together, Mexico and Canada purchase nearly one-third of all U.S. exported goods.
As negotiations continue, businesses and policymakers across North America are closely watching the future of the USMCA, which remains critical to regional trade, manufacturing, agriculture, and economic growth.
