Dangling the idea of not renewing the USMCA puts long-term uncertainty back over a $1+ trillion North American trade zone that businesses had just started to treat as stable. When Donald Trump signals he might let the deal lapse at its 2026 review, he’s really testing leverage over Mexico and Canada on issues like autos, agriculture, and possibly migration, because Congress would still have to navigate any withdrawal or replacement. The under-the-radar risk is that companies could delay cross-border investment or start restructuring supply chains now, simply to hedge against a potential reset of tariffs and rules-of-origin. #TradePolicy