# A New Chapter for North American Trade

Page: https://stenobird.com/podcast/thoughts-on-the-market-980853/a-new-chapter-for-north-american-trade
Text version: https://stenobird.com/podcast/thoughts-on-the-market-980853/a-new-chapter-for-north-american-trade.md
Podcast: [Thoughts on the Market](https://stenobird.com/podcast/thoughts-on-the-market-980853)
Published: 2026-07-10T20:00:00+00:00
Episode link: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/706840d1-910b-47ac-a358-48f8f2d87157.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
Audio file: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/706840d1-910b-47ac-a358-48f8f2d87157.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
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Duration seconds: 286

## Resource

The USMCA review is underway, with implications beyond tariffs. Our Head of U.S. Public Policy Research Ariana Salvatore breaks down the key issues shaping the road ahead. Read more insights from Morgan Stanley. ----- Transcript ----- Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of U.S. Public Policy at Morgan Stanley Research. Today, I'll be talking about the USMCA review – what happened on July 1st, what it means for North American trade, and how investors should be thinking about the road ahead.  It's Friday, July 10th at 10am in New York.  Last week, the six-year review deadline for the USMCA came and went. And as we'd anticipated, the U.S. declined to extend the agreement for another sixteen-year term. U.S. Trade Representative Greer stated that the U.S. did not agree to renew the USMCA in its current form, pointing to shortcomings and trade deficits with both Canada and Mexico, much of which echoed his testimony in front of Congress in December of last year.  So, what happens next?  This decision triggers an annual review process that could continue until the agreement's scheduled expiration in 2036. So, that means effectively the new deadline for negotiations is now July of 2027. And if we get to that point and see a similar outcome, this procedure repeats until the deal is terminated in 2036.  Now, importantly, the agreement itself remains fully in force during this period. The current tariff regime, rules of origin, investment protections, and dispute settlement mechanisms are all unaffected for now. That's actually in line with the expectation that we laid out earlier this year. In short, we anticipated an outcome in which negotiations stall and the deal moves to annual reviews. We thought that was b…

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## Transcript

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