Mexican Economy Minister Marcelo Ebrard said Mexico expects trade terms with the United States to be comparable to those emerging from parallel U.S.-Canada negotiations, which he described as a reference point rather than a competitive threat. The shift follows the United States’ July 1, 2026, decision not to renew the USMCA in its current form and to pursue annual reviews and separate bilateral discussions, although the agreement remains described in earlier reporting as in force through 2036. The USMCA has governed roughly $2 trillion in trilateral trade since taking effect in 2020. Negotiations are focused on tariffs, trade deficits, supply-chain security, rules of origin, labor and environmental standards, automotive trade, dairy quotas, alcohol sales, steel and energy access. A fragmented framework could require companies operating across North America to comply with two different bilateral regimes and would reduce Mexico’s and Canada’s ability to coordinate positions against Washington.