1、January 2026Global Perspectives&SolutionsThe Enduring Power of ThreeU.S.-Mexico-Canada Agreement 2026 CitigroupCiti Institute Global Perspectives and Solutions2AuthorsSahra EnglishManaging Director of International Government Affairs,CAnuj Gangahar Global Editor-in-Chief,Citi IMatthew Moffat Data An

2、alyst,Citi Global Data IRobert Sockin Global Economist,Citi RCandi Wolff Global Head of Government Affairs,CHelen Krause Head of Citi Global Data INathan Sheets Global Chief Economist Citi Research Cole Langlois Senior Associate,Global Economics Citi Research 2026 CitigroupCiti Institute Global Pers

3、pectives and Solutions4ContentsSummary and Key Takeaways 5USMCA A(Bumpy)Renewal is Likely 7Economic Backdrop.9Potential Outcomes.11Changing Trade Dynamics 13U.S.companies are simultaneously near-shoring and on-shoring.17The effect of USMCA on other sectors.21 2026 CitigroupCiti Institute Global Pers

4、pectives and Solutions5The United States-Mexico-Canada Agreement(USMCA),which succeeded the North Atlantic Free Trade Agreement(NAFTA)in 2020,represents a modernized trade framework critical to economic stability and growth across the North American triumvirate of nations.It is now up for review.So

5、why is this agreement important?Put simply it underpins billions in trilateral trade,facilitates complex supply chains and provides a predictable regulatory environment essential for business planning and investment across the continent.At its core,the USMCA strengthens intellectual property protect

6、ions and modernizes digital trade rules.For businesses,this translates into greater certainty for innovation,a level playing field for workers,and clearer guidelines for cross-border data flows,all of which are vital for competitiveness.The automotive rules of origin,requiring a higher percentage of