The United States refuses to renew the trade agreement with Mexico and Canada. Here’s what that means for each country

But the move marks a striking turnaround for a president who once made the deal a centerpiece of his economic agenda, and it raises new questions about the future of a trade bloc that supports millions of jobs and supports sectors from autos to agriculture.

Trade experts tell TIME that the move could have profound long-term consequences, creating the kind of uncertainty that discourages investment, complicates supply chains and, over time, increases costs for consumers whose cars, groceries and household goods depend on tightly interconnected North American production networks.

“The immediate practical impact is very small,” says Josh Lipsky, president of international economics at the Atlantic Council. “The truth, however, is that this creates uncertainty about the long-term viability of the USMCA. »

Under the terms of the agreement, the three countries had until July 1 to agree to extend the pact for another 16 years. Canada and Mexico were in favor of such a move, but not the United States. A senior U.S. official said Washington wants to address what it sees as gaps in the deal, particularly America’s trade deficits with its neighbors and market access opportunities in areas like dairy and corn.

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