After months of relative quiet on trade, July produced a flurry of major news impacting the U.S. economy.
First, the Trump administration officially put the U.S.-Mexico-Canada Agreement (USMCA), which governs approximately $2 trillion worth of annual trade between the three countries, under review. Then President Donald Trump announced new tariffs on $20 billion worth of Canadian imports under a never-before used retaliatory measure, the latest in a back-and-forth between the two major trade partners dating back to last year. Finally, the administration announced new tariffs on covering imports from over 99% of U.S. trade partners, just in time for the expiration of a temporary global tariff.
To help make sense of it all, including where the USMCA stands now that the administration has placed it under review and new negotiations with Mexico and Canada, Andrea Durkin, the vice president of International Policy for the National Association of Manufacturers joined Grant Thornton National Managing Partner David Sites and Colin Wilhelm, a manager for legislative affairs in Grant Thornton’s Washington National Tax Office, for the latest edition of the D.C. Dispatch podcast.
Together they cover what the future could look like for USMCA, what the broader tariff picture looks like for the U.S., and how businesses can adapt in an era of trade uncertainty. Listen here:
PODCAST
USMCA review raises the stakes for North American trade
Listen to the podcast
41:42 | Transcript (PDF - 3.47MB)
Podcast highlights
00:06 Introductions and topic outline
03:48 USMCA’s centrality to North American commerce
09:18 Timeline of the USMCA review
13:09 Short-term and long-term planning
16:53 Tariff developments and their USMCA impact
29:06 Manufacturing reactions and expectations
33:37 Expectations for the remainder of 2026
39:26 Wrap-up
Contacts:
National Managing Partner,
Washington National Tax Office and International Tax Solutions
Grant Thornton Advisors LLC
David leads the firm's International Tax practice, which focuses on global tax planning, cross border merger and acquisition structuring, and working with global organizations in a variety of other international tax areas.
Washington DC, Washington DC
Industries
- Manufacturing, Transportation & Distribution
- Technology
- Retail & Consumer Brands
Service Experience
- Tax Services
- International Tax
Manager, Tax Legislative Affairs Washington National Tax Office
Grant Thornton Advisors LLC
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