North American trade policy is splitting into two distinct tracks. While U.S. and Mexican negotiators sit down in Mexico City for a third round of bilateral talks on the USMCA, the Trump administration has opened a new front against Canada with 50% tariffs on nearly $20 billion of imports. The divergence is reshaping the continent's commercial architecture in real time.
The U.S. and Mexico began their latest three-day negotiating session on July 21, covering steel and aluminum, automobiles, economic security, labor, agriculture, and electronic payment services. U.S. Trade Representative Jamieson Greer is scheduled to join the talks from July 22 to 24 and will meet with Mexican President Claudia Sheinbaum. The discussions are part of the formal USMCA joint review, which was triggered when the U.S. declined to extend the pact on July 1.
Canada is not at the table. Formal negotiations between Washington and Ottawa have yet to begin, even though U.S. officials say they speak with Canadian counterparts weekly. The asymmetry is stark: Mexico is advancing detailed talks on market access and rules of origin, while Canada remains outside the official process, defending both its trade interests and its place in a supposedly trilateral agreement.