JULY 2025
Economic pulse of the Americas:
Five years into the USMCA, US trade shifts closer to home The United States-Mexico-Canada Agreement’s (USMCA) five-year anniversary comes as the US moves to reshape trade to reshore manufacturing and reduce reliance on distant rivals. A scheduled review of the trade deal is approaching, but data shows that the USMCA has brought US trade closer to North America.
15%
with US interests. The USMCA has bolstered all three aims by providing a platform for the United States to begin shifting its sourcing of products—including machinery, food and organic products, medical products, and transportation vehicles —away from rivals.
10% 15% 10% 5% 5%
0%
0%
-5% -5% -10% -10% -15%
-15%
Al lg O oo rg ds an ic pr od Pl as uc tic ts an d ru bb er
on trust that are strategically aligned
Percentage change
to create resilient supply chains built
M ac hi ne ry El ec tr on Tr ic an s sp M or ed ta tio ic al n an d op tic al
At its core, the USMCA is designed
Changing US trade patterns: Change in market share of US imports by country of origin between 2017 and 2024
M et al s
How has the USMCA worked?
Source: Calculated with data from the US Census Bureau's USA Trade Online platform. Notes: 2017 was chosen as a baseline year to account for the loss of China's market share tied to the tariffs imposed on select Chinese products in 2018 and 2019. USMCA entered into force in 2020.