CUSMA, the Canada–United States–Mexico Agreement that succeeded NAFTA, and its first joint review

Background

Live hook: US steel tariffs, cited by Stelco for its Hamilton layoffs, keep Canada–US trade terms in the news.
The Canada–United States–Mexico Agreement (CUSMA) came into force on July 1, 2020, succeeding the North American Free Trade Agreement (NAFTA), which had come into effect on January 1, 1994.
Its first mandatory Joint Review falls on the 6th anniversary of entry into force, July 1, 2026; the review is a scheduled check-in, not an expiry date.
CUSMA remains in force until 2036, and the review is the first chance for the three Parties to decide whether to extend its term for another 16-year period; if all agree, the next Joint Review would be in six years.
Together the three countries were a market of 517 million consumers with a combined GDP of $48.8 trillion in 2025, and Canada and the US exchanged nearly $3.5 billion in goods and services every day.
NAFTA itself was signed by Prime Minister Brian Mulroney, Mexican President Carlos Salinas and US President George H.W. Bush.