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00:02The Trump administration decided not to renew the United States-Mexico-Canada agreement
00:07for another 16-year term, according to CNBC. The move triggers annual reviews of the trade pact
00:13with Canada and Mexico. The decision keeps USMCA in effect for another decade as long as no member
00:20withdraws, but annual reviews could open the door to major renegotiations. A senior administration
00:26official said Trump chose not to approve renewal without addressing existing issues.
00:31The official said Trump's primary concern is the US trade deficits with Canada and Mexico.
00:36US Trade Representative Jameson Greer said the administration will keep working with both
00:41countries to address shortcomings in the agreement. Bilateral talks with Mexico have started,
00:46while talks with Canada have not begun. Trump negotiated the USMCA during his first term
00:52to replace NAFTA, which he had often criticized as unfair to the US.
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