U.S. declines to renew USMCA, setting up review talks with Canada and Mexico

The Trump administration said it will not renew the U.S.MexicoCanada Agreement in its current form, but the pact will remain in place while the three countries move into annual reviews and possible renegotiations. The decision came on the July 1 deadline for renewing the trade deal for another 16year term. According to a senior administration official, President Donald Trump wanted changes before agreeing to extend it, with the U.S. trade deficit cited as a major concern. The administration said it will keep engaging with Canada and Mexico to address what it sees as shortcomings in the agreement. U.S. and Mexican officials have already begun bilateral talks, while discussions with Canada have not yet started.