US decides not to renew USMCA trade pact, will seek separate deals with Canada, Mexico

President Donald Trump has decided not to extend the USMCA trade agreement and will instead pursue independent trade deals with Canada and Mexico, FOX Business has learned.

Wednesday marked the deadline for the six-year review, and a Trump administration official told FOX Business that the president opted against extending the U.S.-Mexico-Canada Agreement (USMCA).

The official indicated that Trump will instead pursue separate deals with Canada and Mexico that last for up to 10 years.

The USMCA runs until 2036, so it will remain in effect barring further actions during the negotiations over changes to the trade terms between the U.S. and two of its three largest trading partners.

Data from the U.S. International Trade Commission (ITC) showed that in 2024, Canada and Mexico were the two largest export markets for U.S.-made goods, while Mexico was the largest source of U.S. imports and Canada ranked third in that category.

Trump negotiated the USMCA during his first term as president as a successor to NAFTA. The agreement was signed in December 2019 and took effect on July 1, 2020.

The president has sought to renegotiate the terms of the USMCA since his return to the White House, and imposed 25% tariffs on Canada and Mexico last year. That spurred negotiations over the tariffs and underlying issues Trump had with trade terms between the three countries, raising uncertainty over the agreement's future.

This is a developing story. Please check back for updates.