U.S. won’t renew USMCA, opening door for negotiations with Canada and Mexico

FILE PHOTO: US President Donald Trump arrives to deliver a statement along with Mexican President Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau, on the signing of a new free trade agreement in Buenos Aires, on November 30, 2018, on the sidelines of the G20 Leaders' Summit. Saul Loeb | AFP | Getty Images The Trump administration has decided not to renew its trilateral trade pact with Canada and Mexico, instead opting to conduct annual reviews of the treaty that President Donald Trump once called "the best agreement we've ever made." The widely anticipated decision on the United States-Mexico-Canada Agreement, known as USMCA, was revealed Wednesday, the deadline for the three North American trade partners to determine whether they would renew their agreement for another 16-year term. The decision means the USMCA will stay in effect for another decade, provided no member tries to withdraw from it. But it also triggers yearly reviews that could result in the renegotiation of major parts of the treaty. Trump "chose not to rubber stamp a USMCA renewal without addressing existing issues," a senior administration official told reporters in a call announcing the move. "So in other words, the United States did not agree to renew the USMCA in its current form. So, as a result, the USMCA is not renewed," the official said. Trump's "primary" issue with USMCA centers on America's trade deficits with the two trading partners, according to the official said. U.S. …