President Donald Trump is apparently fed up with the trade deal he negotiated between the U.S., Canada, and Mexico during his first term, a new report revealed.
Trump has privately expressed his desire to withdraw from the U.S.-Mexico-Canada, or USMCA, deal, although two aides who spoke anonymously to Bloomberg said the president has not yet made a final determination. Trump's frustrations with the deal are happening at a time when his administration is struggling to gain additional concessions from the countries over migration and drug smuggling, which are not germane to the USMCA, Bloomberg reported.
The current USMCA deal is scheduled for a mandatory review through July 1. If a new deal is extended, then it will be effective for the next 16 years. Failure to reach an extension in July could trigger annual reviews until the deal expires in 2030, according to the report.
An official in the US Trade Representative's office told Bloomberg that it isn't in the "national interest" to "rubber-stamp" the terms agreed to when the deal was first signed in 2019.
Trump has also threatened to increase tariffs on goods from Mexico and Canada up to 100% if the countries sign trade agreements with other countries, such as China.
Read the entire report by clicking here.
