North America's big trade deal has been the law of the land for six years now. But the countries that signed it are already deep into a review that could reshape how business gets done across the continent.
Mexico's new ambassador to the United States, Roberto Lazzeri, said he expects the review to be completed by the end of this year. He said every extra day of delay hurts the region's ability to compete globally and makes companies think twice before investing in cross-border supply chains.
"The baseline for us is that we have a 10 year agreement. Yes, this may take some time," Lazzeri said. "We expect that it's done this year."
The stakes are huge. Earlier this month, the United States chose not to extend the agreement by 16 years, instead opting for yearly assessments over the coming decade while negotiations proceed. If no government officially withdraws, the pact will stay in force through 2036.
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Lazzeri described the USMCA as "a fine piece of architecture" that came into effect during President Donald Trump's first term. He argued that the three countries need to move faster on the review so businesses can plan ahead with confidence. "Every moment we are losing, we are losing competitiveness and market share," he said.
The next big meeting happens July 21 in Mexico City. That is the third round of bilateral U.S.-Mexico trade talks, a three-day session. Attending the talks will be U.S. Trade Representative Jamieson Greer, who is also set to meet with Mexico's President Claudia Sheinbaum.
Marcelo Ebrard, Mexico's Economy Minister and the country's top negotiator on the USMCA, has been saying the same thing as Lazzeri. The message from Mexico's side is consistent: let's finish this review quickly so the region does not lose ground to other parts of the world.
Lazzeri is a veteran of Mexican finance. Before becoming ambassador in June 2026, he ran two large Mexican development banks and served as chief of staff to two finance ministers.
If you own stocks or funds with exposure to North American trade, the timeline matters. A clean review finished this year would remove a layer of uncertainty that has been hanging over industries like autos, agriculture, and energy. Companies that operate across the U.S., Mexico, and Canada could start moving forward on investments they have been holding back.
A delay, on the other hand, keeps that uncertainty alive. Every extra month of talks means another month where a factory expansion or a logistics contract might wait.
The USMCA was signed by Donald Trump during his first term and took effect six years ago. For investors, the simplest takeaway is this: watch the calendar. If Lazzeri and his counterparts hit the end-of-year target, that is a green light for companies that rely on continental supply chains. If talks drag into next year, plan for more bumps.
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