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Mexico and Canada spared from retaliatory tariffs, what does this mean for North American trade?

Experts say President Trump’s retaliatory tariff announcement is setting a new precedent for trade in North America.

Juan Carlos Baker is CEO of Ansley International Consultants. 

“We just witnessed the most significant developments in trade policy in maybe 3 decades.”

He says Canada and Mexico were spared from the President’s tariff list, which could indicate a renegotiation of USMCA.

“The agreement will be reviewed in 2026 for all intents and purposes, I believe that we are already on that moment.”

Brad Wood with the National Foreign Trade Council says the US continues to emphasize the importance of the USMCA. 

“There is an understanding that Canada and Mexico need to diversify their partners and that their reliance on the US cannot just be taken for a certainty,” he says. “But nonetheless, the relationship continues to be critical.”

Baker says the recent announcement could push Mexico to explore other export opportunities.

“We know that no possible combination of domestic market and other exporting destinations could probably make up a fragment of what we export to the US,” he says. “I think that every corner or every advantage that Mexico can get is worth exploring.”

Wood says the impacts of the tariff announcement could continue to unfold in the coming weeks and months.