US refuses to renew USMCA trade pact, citing Canada-China ties

The United States has opted not to extend the USMCA trade arrangement, largely due to apprehensions voiced by US Trade Representative Jamieson Greer regarding Canada's strategies to attract Chinese investment. While China was not explicitly mentioned, Greer confirmed the current version of USMCA will remain unchanged. The existing agreement will be subject to yearly evaluations, leading up to its scheduled expiration in 2036. Renewal would have extended the deal to 2042, reducing uncertainties for businesses. Since its inception in 2020, the USMCA has orchestrated a $1.8 trillion market and safeguarded approximately 17 million jobs across the three participating countries.