Ted Brackemyre

Indeed, the United States and Mexico concluded their first bilateral negotiating round on May 28-29. It focused heavily on automotive rules of origin as well as steel and aluminum provisions. A second round is set for June 16-17 in Washington, DC. And a third is planned for the week of July 20 in Mexico City.

With the Iran war approaching its third week, the future course and scope of the conflict remain uncertain. Even so, while the human costs are the most immediate and tragic, the global economic implications have already proven to be significant. Energy markets have been roiled by one of the largest supply shocks in recent memory, seeing oil and gas prices surge greatly. This feeds directly into headline inflation and threatens to slow growth worldwide.

On December 3-5, 2025, the Office of the US Trade Representative (USTR) held a three-day public hearing on the operation of the United States-Mexico-Canada Agreement (USMCA). The trade pact begins its first formal joint review on July 1, 2026. The US government heard testimony from American steel producers as well as many downstream steel product manufacturers. Several Canadian and Mexican steel producers and industry groups also testified. In many respects, the testimony given was not surprising.