Washington: US President Donald Trump on Wednesday announced that he is not inclined to renew the US-Mexico-Canada Agreement (USMCA), a trade deal he originally signed during his first term. Trump made this declaration while speaking to reporters at the Oval Office, emphasizing that the agreement's termination mechanism was a key factor in his decision to replace the North American Free Trade Agreement (NAFTA) with the USMCA.

According to Anadolu Agency, Trump criticized NAFTA as the worst trade deal the US had ever entered and praised the USMCA as a superior agreement due to its provision allowing Washington to reconsider the deal after six years. He indicated a possible non-renewal, stating, "After six years, it comes up for renewal. I don't know that I'm going to renew it."

The USMCA, which superseded NAFTA, took effect in July 2020 and includes a joint review mechanism slated for 2026. The agreement mandates that the US, Canada, and Mexico evaluate the pact and determine whether to continue it. Trump argued that the US benefits more by not depending on Canadian and Mexican imports, asserting that both nations require access to the US market more than Washington needs their exports.

Trump expressed that the US does not need Canadian and Mexican products such as cars, lumber, and energy, advocating for trade surpluses with these countries rather than deficits. He also reiterated his unsubstantiated claims regarding the 2020 presidential election, alleging it was "rigged."

In additional comments, Trump mentioned an upcoming meeting with top executives from an unspecified "amazing industry," highlighting the US's leadership over China in this sector. He did not identify the industry but emphasized its importance for global influence, suggesting that leadership in this area could significantly impact the world.

Trump suggested that discussions were underway about whether companies in this sector could provide financial contributions to the public, potentially resulting in substantial economic benefits for Americans. "If we do that, the public will become very rich, the people in our country, because that's the kind of money we're talking about," he remarked.