In this episode of The Decisive Podcast, we examine the future of the US-Mexico-Canada Trade Agreement at a moment of heightened political uncertainty and rising strategic tension across North America. With trilateral trade reaching roughly $1.8 trillion in the 12 months to August 2025, the stakes are high for governments, investors, and manufacturers alike as the 2026 review process unfolds. Drawing on insights from S&P Global Market Intelligence's Country Risk team, the discussion explores why North American supply chains have remained broadly resilient since the USMCA took effect, even through the pandemic and recent tariff shifts. Mexico continues to benefit from regionalization and reshoring trends, while the US is increasingly focused on trade deficits, investment screening, and the role of mainland Chinese firms using North America as a production platform. Canada, meanwhile, faces a more difficult negotiating environment, shaped by tariffs, political friction, and growing divergence with Washington on industrial policy, data rules, and trade alignment. The conversation also revisits four possible paths for the agreement's future, with a growing emphasis on annual renewals and incremental changes rather than a single long-term resolution. That approach could preserve US leverage over both Mexico and Canada, but it would also prolong uncertainty for businesses seeking predictability in cross-border investment and sourcing decisions. The experts assess where the toughest disputes are likely to emerge, including automotive rules of origin, labor standards, agriculture, energy policy, and data regulation. They also point to lower-risk areas such as trade facilitation and regulatory harmonization where technical progress may still be possible. A central theme is the shifting nature of the agreement itself. Rather than a traditional free trade framework, the experts describe the USMCA as evolving into a form of managed trade, one in which tariffs remain part of the landscape and negotiations increasingly serve broader strategic and political objectives. Trade policy is now intersecting more visibly with security concerns, domestic politics, and geopolitical competition, especially in the US-Mexico relationship. The episode closes with a look at the 2026 FIFA World Cup and the security landscape across the US, Canada, and Mexico. The experts assess terrorism, cartel violence, and protest risks around the tournament, concluding that while major disruptions are not the baseline expectation, authorities are preparing for a wide range of threats and operational challenges across all three host countries. If you're looking for a clear, forward-looking view of where North American trade talks may be headed — and what the next phase of USMCA negotiations could mean for supply chains, investment strategy, and regional stability — listen now. More S&P Global Market Intelligence Content: Canada readies ambitious legislation to reform supply chain Picture This: World Cup Security Risks MediaTalk | Season 4 | Ep. 23 - FIFA World Cup 2026: Global Media Rights, Ads vs. Sponsors, and Streaming Wars Click here to sign up for our monthly Geopolitical and Economic Risk newsletter For S&P Global subscribers (login required): Assessing the United States-Mexico-Canada Agreement ahead of 2026 review Mexico, US hold first round of USMCA negotiations Mexi-Corridor: Transit route to connect the Pacific and Atlantic oceans Credits: Host: Kristen Hallam Guests: John Raines, Jose Enrique Sevilla-Macip Produced By: Kristen Hallam Edited By: Marz Marcello Published With Assistance From: Sophie Carr, Feranmi Adeoshun
