Free trade pact among US, Mexico and Canada
Canada is engaging in ongoing trade negotiations with the U.S., which are being delayed due to U.S. demands for concessions and trade irritants. Canadian officials are emphasizing the need for time to reach a mutually beneficial agreement amid rising tensions.
Mexico indicates purchases will be steel produced in Mexico. The move follows steep U.S. tariffs on steel and aluminum and comes as talks to adjust the USMCA continue. Officials emphasize a preference for local supply, while the United States has signaled limits on tariff relief for the sector.
The EU has reached a compromise to enact the Turnberry trade accord with the United States, which has pledged to cap many U.S. duties on European goods at 15% while the EU will remove tariffs on U.S. industrial and some farm products. European institutions are racing to complete legislation before a July 4 deadline and recent U.S. tariff moves are hardening opposition in the Parliament.
Canada has formally urged a timely USMCA review and signaled possible extension options as tariffs and trade tensions ripple across North America. Leaders in Ottawa and Washington stress the pact’s value while debates over annual reviews or a 16-year extension intensify.