On July 1, 2026, the USMCA Free Trade Commission met to conduct the agreement’s first six-year joint review under Article 34.7. In a statement issued the same day, US Trade Representative Jamieson Greer confirmed that the United States “did not agree to renew the USMCA in its current form”, while Mexico and Canada each supported a 16-year extension. The agreement remains fully in force until July 1, 2036, and the extension can still be confirmed at any time under Article 34.7.4, but the parties now enter annual reviews through 2036. The United States opted for separate bilateral negotiations. The U.S. and Mexico have completed three bilateral rounds, most recently in Mexico City in late July 2026, covering automotive rules of origin, steel and aluminium and derivative products, economic security, labour, environment, automobiles, electronic payment services, regulatory compatibility, and agriculture. As of late July, while the United States is scheduled to hold a fourth round with Mexico in September 2026, it had held no such formal talks with Canada. The investment stakes are considerable: Chapter 14 contains no general post-termination survival clause, so a future US withdrawal could extinguish protections for existing investments without the sunset period found in most BITs. The review converts North America’s flagship agreement from settled architecture into a rolling negotiation, with lasting uncertainty for the continent’s investment climate and its critical minerals supply chains.