Mexico’s approach to the USMCA review is beginning to take shape through a series of seemingly disconnected moves. A new bilateral understanding with the United States on critical minerals offers the first tangible policy signal tied to the review, pointing to sector-specific cooperation and managed trade tools.
At the same time, Mexico is managing several parallel pressure points: foreign policy frictions stemming from energy shipments to Cuba; internal scenario planning by Morena, the ruling party, regarding the treaty’s potential legal and political evolution; and renewed investment diplomacy aimed at reinforcing a trilateral North American narrative.
Taken together, these signals suggest that the USMCA review will unfold less as a single negotiation and more as a gradual alignment process, where trade, geopolitics, and industrial policy are already intersecting.
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