US Flags Payments, Energy Barriers Ahead of USMCA Review

The US Trade Representative's 2026 National Trade Estimate Report identified two structural friction points in the bilateral relationship between Mexico and the United States: Mexico's restriction of US electronic payment providers, including Visa and Mastercard, from operating competitively in the clearing house market, and energy sector barriers that have left US oil and gas suppliers with overdue PEMEX receivables exceeding US$2.5 billion as of Dec. 31, 2025. Mexico's October 2024 constitutional reform reclassifying CFE and PEMEX as public enterprises and March 2025 energy laws mandating 54% CFE participation in mixed-investment projects have drawn direct scrutiny from Washington. Resolution of these disputes is likely to shape the pace and outcome of the USMCA renegotiation through 2026.

The United States government has called on Mexico to open its electronic payments market to US companies and addressed barriers facing American firms in the energy sector, according to the 2026 National Trade Estimate Report published last week by the Office of the US Trade Representative ahead of the USMCA review.

The report, which exceeds 500 pages and is presented annually to Congress, states that the existing regulatory framework in Mexico limits the ability of US electronic payment service providers to offer their full range of value-added services on a cross-border basis, including fraud protection, and to differentiate themselves in the market. "The United States continues to urge Mexico to facilitate a competitive market for US electronic payment service providers," the document states.

The report references, without naming them directly, the difficulties Visa and Mastercard have encountered in Mexico's clearing house market. In February 2026, the National Antitrust Commission denied Visa's application to acquire 51% of PROSA, one of Mexico's largest card payment processors, concluding the transaction posed competition risks that could affect users of financial services. 

"The bet is on Mexico. Obviously, this is news that disappoints us," said Francisco Valdivia, General Director, Visa in Mexico. "It evidently has that impact, but the commitment we have in the market, the great objective of further digitalizing the economy and particularly micro and small businesses, that does not change."

Mastercard, meanwhile, received authorization to operate a clearing house in 2020, but those operations have not commenced. Analyst Álvaro Vértiz noted that Mastercard's clearing house has not had the conditions to operate, and that USMCA negotiations establish that American companies must operate under circumstances similar to their Mexican counterparts.

In September 2023, the Federal Economic Competition Commission (COFECE) identified barriers to competition in the card payment processing market and issued recommendations to Banxico and the National Banking and Securities Commission (CNBV) to restore competitive conditions. 

"These recommendations have not been implemented," the report states. In October 2025, the CNBV and Banxico published a draft regulation on card payment networks, and on Dec. 30, 2025, Banxico published a draft regulation on clearing houses for public consultation. On Feb. 11, 2026, the CNBV withdrew the draft card payment network regulation to conduct a more thorough market analysis.

Vértiz warned that the United States could take a harder line on these issues during the treaty renegotiation. "The United States can be much more incisive on this and take tougher measures in terms of the treaty negotiation, which I think would be the worst consequence," he said.

Energy Sector

On energy, the US report questions Mexico's regulatory environment, stating that private companies operating in Mexico "often cannot participate effectively, or even at all, in the country's energy sector due to frequent delays, unexplained or unjustified rejections, and inaction regarding requests for new permits or modifications to existing permits."

The report also flags outstanding payments from PEMEX to US suppliers. "Over the last two years, US companies supplying Mexico's oil and gas sector have reported an unprecedented challenge in receiving payment from PEMEX for services rendered. As of Dec. 31, 2025, while some US companies have received full or partial payments, others continue to report overdue amounts exceeding US$2.5 billion."

The US administration has questioned Mexico's energy policy focus on restoring the primacy of CFE and PEMEX. In 2018, Mexico adopted measures toward this objective, culminating in the ratification of a constitutional reform in October 2024 that reclassified CFE and PEMEX as "public enterprises" rather than "productive enterprises" to limit private sector participation. In March 2025, Mexico enacted a set of energy laws establishing that CFE must maintain at least 54% of electricity sent to the grid and at least 54% participation in any mixed-investment electricity generation project.

President Claudia Sheinbaum has defended the policy on sovereignty grounds. "Energy sovereignty is fundamental to national sovereignty. When energy sovereignty is lost, sovereignty is lost," she said at the March 18 commemoration of the 1938 oil expropriation, adding that Mexico currently imports 75% of the natural gas it consumes.

SENER stated in November that Mexico does not violate its USMCA obligations or discriminate against US and Canadian investors, and that the framework establishes clear and transparent rules for private sector participation.

Despite the tensions, 69 US business associations publicly backed the extension of the trade agreement in early March, describing the USMCA as "critical to the competitiveness and export success of the United States" in a letter to US Trade Representative Jamieson Greer, and expressing support for a 16-year extension.

First USMCA Review Round 

Formal USMCA review talks began March 16 following an agreement between Mexican Minister of Economy Marcelo Ebrard and US Trade Representative Jamieson Greer to open a first bilateral round of negotiations focused on reducing dependence on extra-regional sourcing, tightening content requirements and reinforcing North American supply chain resilience. 

The review opens as the Trump administration's protectionist posture and tariff measures have introduced uncertainty across North American trade relationships, with analysts noting that Mexico's preferential access under the agreement positions it as a potential beneficiary of the reconfigured trade landscape. 

In parallel, Mexico and Canada are coordinating a joint action plan incorporating elements of the USMCA review, to be presented to their respective leaders in the first half of 2026, with Canadian Minister Dominic LeBlanc stating that "there is no better time than now to forge new partnerships."