The United States does not agree to renew the USMCA in its current form

New York, July 1 (Xinhua) - US Trade Representative Jamison Greer issued a statement on July 1 stating that the United States does not agree to renew the US Mexico Canada Agreement (USMCA) in its current form.

The statement stated that the United States will continue to communicate with Mexico and Canada regarding the shortcomings and trade deficit issues of the agreement, and the USMCA will remain in effect until these issues are resolved or the agreement is terminated. The United States will hold the third round of bilateral negotiations with Mexico in the week of July 20th, as previously planned, to discuss matters related to the joint review of the agreement.

According to US media reports on the same day, when the agreement officially came into effect in 2020, Trump referred to it as the "fairest, most balanced, and most favorable trade agreement," but now Trump's enthusiasm for the USMCA agreement has diminished. The US decision means that the USMCA will need to be reviewed annually for the next 10 years.

According to the relevant provisions of the USMCA, the three countries will conduct the first tripartite joint review of the USMCA in July this year. After review, there are three options: renew for 16 years, withdraw from the agreement, and neither renew nor withdraw temporarily.

The USMCA was signed in 2018, officially came into effect in July 2020, and expires in 2036.