Welcome to The View from North America—and happy July 4th weekend to those of you in the U.S. If you are Canadian, a belated happy Canada Day; and finally, congratulations to USA, Mexico and Canada for booking their places in the FIFA World Cup 2026™ – Canada, Mexico and the United States World Cup Round of 16.
The formal July 1 USMCA Joint Review deadline arrived on Wednesday with the exact outcome we long anticipated. USTR Jamieson Greer officially stated that the U.S. will not “rubber-stamp” a clean, 16-year extension. By declining renewal in its current form, Washington has formally triggered an ongoing cycle of annual reviews.
The immediate fallout? A permanent baseline of regulatory uncertainty for cross-border investments. Yet, if you look at recent studies from CSIS and the Peterson Institute for International Economics (PIIE), intraregional trade has ballooned up to almost $2.0 trillion annually. The markets are deeply intertwined, which is exactly why the upcoming July 20 bilateral meetings in Mexico City matter far more than Wednesday’s political posturing. As I noted in my last piece, Mexico continues to grind out text while Ottawa seemingly plays catch-up.
This North American disconnect, where integrated economic reality faces constant political noise, shortchanges our region. And I can think of no better example of what is possible than having watched the United States, Mexico, and Canada host the World Cup, and each then advance into the next round. All on our own soil—a vivid reminder of what a cohesive North American front can achieve.
Beyond our borders, the continued lack of transparency surrounding Iran’s recent diplomatic memorandum and the fast-moving tactical shifts from Ukraine’s latest advances require constant, data-driven appraisal. For more, I highly recommend tracking the daily updates from the Institute for the Study of War (ISW).
I look forward to hearing your thoughts via Facebook, X, or LinkedIn.
Sincerely,
The views expressed here are solely my personal opinions and do not constitute legal advice from, or on behalf of, the firm. To subscribe to this newsletter, please visit:
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