As the United States, Mexico, and Canada approach the first formal review deadline for the US-Mexico-Canada Agreement (USMCA) this July, policymakers face a straightforward choice. Either extend the agreement and preserve at least some semblance of stability in North American trade, or open the door to years of economic uncertainty and potentially higher tariffs.
President Donald Trump has decided against a clean extension, which may come as no surprise. Given this administration’s track record on trade, he has chosen to allow the bloc of countries to enter a prolonged period of annual reviews, renegotiations, and, possibly, a shift to bilateral deals.
No matter what theater may follow this decision, failure to extend USMCA would be a mistake. Though disagreements exist, USMCA deserves to remain at the center of our three nations’ economic relationship.
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