Mexico and US race to lock down bilateral trade deal before midterm elections

Mexico and the United States are trying to hammer out a bilateral trade agreement before American voters head to the polls in November, turning what was supposed to be a three-country review process into a two-party sprint. The USMCA’s mandatory six-year review kicked off in 2026, but Canada has effectively been left on the bench while Mexico City and Washington negotiate directly. Multiple rounds of talks since May have produced what both sides describe as steady progress, with a fourth round scheduled for September in Washington. What’s actually on the table The US wants to raise the percentage of North American content required in vehicles sold tariff-free across the continent. Mexico, for its part, wants relief from Section 232 tariffs on steel, aluminum, and automobiles. A third dimension involves mechanisms to limit third-country influence in supply chains, with China being the obvious target. Washington has grown increasingly vocal about Chinese companies routing goods through Mexico to access the US market, and any deal will almost certainly include provisions aimed at closing that loophole. US Trade Representative Jamieson Greer, Mexican Economy Secretary Marcelo Ebrard, P...