Metals sector faces aggressive Trump ahead of high-stakes USMCA trade talks

A high-stakes review of the US-Mexico-Canada Agreement (USMCA) scheduled for July 2026 could disrupt the North American economy, including the metals trade. The mandated review was widely expected to be a straightforward evaluation of the trade agreement. However, trade has been a central priority in the economic and foreign policy of US President Donald Trump’s second term. Trump could be uncompromising in the discussions, seeing them as an opportunity for an expansive renegotiation of trade relations, experts told Platts, part of S&P Global Energy.

Any major changes would reverberate through the global economy and upend trading relations between Canada, the US and Mexico, which have become closely integrated over the past four decades. The most severe outcome would be a US exit resulting in double-digit duties on metals and other covered products. Alternatively, Trump might choose to settle or delay any USMCA decision for a year under domestic pressure to avoid risking more inflation, experts said.