US declines to extend USMCA, beginning 10-year wind down

The Trump administration on Wednesday declined to extend the US-Mexico-Canada Agreement, starting a decade-long clock to wind down the trade deal as it seeks changes to try to reshore manufacturing jobs and reduce US trade deficits with its North American neighbours, reported Reuters. The decision, announced after a six-year review of the North American free trade zone, keeps the agreement in place for another 10 years with annual reviews before it expires, unless the three countries agree to re