Yesterday, the U.S. announced that it will not renew the U.S.-Mexico-Canada Agreement (USMCA) through 2042, according to the Office of the U.S. Trade Representative. July 1 was the deadline for the three countries to agree on a 16-year extension. Instead, the USMCA will remain in effect and be reviewed annually until it expires in 2036 unless another agreement is reached before then.
Annual review discussions have already begun, with U.S. and Mexican officials scheduled to resume bilateral talks the week of July 20. A timeline with Canada has not been announced. See U.S. Trade Representative Statement