High-Stakes USMCA Review Talks Begin Amid Trade War Tensions

Formal USMCA review talks commenced on March 16, 2026, coinciding with the USTR's Section 301 investigations into Canada and Mexico. The review is complicated by the Supreme Court's February 20 IEEPA ruling, Section 122 tariff reimposition, and Canada's threat of retaliatory measures. Canada and Mexico are already in shallow recessions according to J.P. Morgan forecasts. The talks represent a critical juncture for North American trade architecture.