US won’t renew trade deal with Mexico, Canada

(KVIA) -- The U.S. said it won't renew its trade agreement with Mexico and Canada Wednesday, opening the door for new discussions between the countries.

The Agreement between the countries, also known as the USMCA or "Agreement," requires the USMCA Free Trade Commission to review the agreement every six years, according to U.S. Trade Representative Jamieson Greer.

The commission is made up of government representatives from each country.

Since the U.S. didn't agree to a renewal, the three countries will discuss the agreement's shortcomings and trade deficits, Greer said in a statement. The agreement will stay in place until it terminates or a resolution is made.

Greer said the U.S. will meet with Mexico the week of July 20 for a third round of bilateral negotiations related to the USMCA joint review.