Canada Proposes 16-Year Renewal of USMCA Ahead of July Review

Canada sent a letter Tuesday to United States Trade Representative Jamieson Greer and Mexico’s Secretary of Economy Marcelo Ebrard recommending that the three countries renew the United States-Mexico-Canada Agreement for another 16 years. S. ” LeBlanc and Canada’s Chief Trade Negotiator Janice Charette traveled to Washington on Tuesday for a meeting with Greer.

The USMCA review is scheduled for July. The pact is the current version of a North American free-trade arrangement that has linked the economies of the United States, Mexico and Canada since the early 1990s. Under the agreement, the United States could withdraw with six months’ notice.

” on social media on Monday, linking to a report that Canada is entering a technical recession. S. Ambassador to Canada Pete Hoekstra reposted the message. Ontario Premier Doug Ford posted on Tuesday: “I can’t believe I have to say this again, but Canada will never be the 51st state.

Prime Minister Mark Carney acknowledged weakness in the Canadian economy as he entered a cabinet meeting on Tuesday. S. has about 30 different trade irritants with Canada compared to nearly 60 with Mexico.

“There is a possibility of a new partnership there,” Carney said. Specific tariffs on aluminum remain in place and continue to affect the integrated North American supply chain. The USMCA has allowed Canada and Mexico to avoid much of Trump’s protectionist measures because many Mexican and Canadian goods are covered by the free trade agreement.

LeBlanc has previously warned the free trade agreement could be subject to annual reviews and that uncertainty could be the objective of the Trump administration. There could be annual reviews of the USMCA going forward, or it can be renewed for another 16 years. The Fortune 500 Innovation Forum will convene in Detroit on Nov.

16-17.