US Pares USMCA Demands to 14; Mexico Locks In Modernized EU Pact

Mexico says US demands in the USMCA review fell from 54 to 14 ahead of the July 20 round in Mexico City. In addition, EU Council gives final approval to its modernized trade deal with Mexico, cutting most duties and aiding 45,000+ exporters.

Ready for more? Here is your weekly roundup!

Mexico Says US Demands in USMCA Review Fall From 54 to 14

The number of issues the United States raised in its review of the USMCA has dropped from 54 to 14, Mexico's Ministry of Economy reported, days before a new round of technical talks scheduled for July 20 in Mexico City.

Government, Business Leaders Set Joint Stance for USMCA Round

Working alongside the private sector, Mexico's federal government is putting the final touches on the negotiating agenda it will carry into the third round of USMCA review talks with the United States, set for July 21-23 in Mexico City. The gathering marks the start of a new chapter in the process, coming on the heels of the treaty's first six-year review, which kept the pact alive through 2036 while tying it to annual assessments.

US Tariff Refunds Hit US$49 Billion, Trade Shifts to Mexico

In June, the US Treasury issued US$49.2 billion in customs refunds while collecting US$23.6 billion in gross duties, leaving a net customs deficit of roughly US$25.6 billion, its monthly budget statement shows. That disbursement was more than double the approximately US$22 billion paid out the previous month, when incoming duties and refunds roughly cancelled each other out and produced a net outflow of only US$42 million.

China Remains Mexico's No. 2 Trade Partner Despite Tariffs

China has kept its standing as Mexico's second-largest trading partner even after new Mexican tariffs on many of its goods took effect Jan. 1, 2026, with the accumulated 12-month trade deficit reaching US$123.3 billion in April, close to a record high, according to a Banorte Financial Group report.

EU Council Gives Final Nod to Modernized Mexico Trade Deal

The Council of the European Union has adopted the decision to formally conclude the Interim Trade Agreement (ITA) with Mexico, completing the bloc's internal procedures for a pact expected to benefit more than 45,000 EU companies that export to the country, the vast majority of them small and medium-sized enterprises.

Sheinbaum and Mulino Deepen Mexico-Panama Ties

Mexican President Claudia Sheinbaum welcomed her Panamanian counterpart, José Raúl Mulino, to the National Palace on July 15 for an official visit centered on trade, investment and a shared defense of the Panama Canal's neutrality. The two leaders reaffirmed more than a century of diplomatic ties and pledged to strengthen a bilateral strategic partnership built around sustainable development, regional integration and closer commercial links.