On July 1, 2026, the United States formally declined to renew the United States-Mexico-Canada Agreement (USMCA, T-MEC, CUSMA, or the Agreement) during the Agreement’s first mandatory joint review meeting. Mexico and Canada had formally indicated their intention to renew the Agreement in the weeks leading up to the meeting. The US decision does not terminate the Agreement. Rather, it triggers the Agreement’s annual review mechanism, under which the parties will meet each year to determine…