Name: Business leaders warn abandoning CUSMA could be ‘economic catastrophe’
Uploaded: 2025-12-05T14:12:51.864Z
Duration: 2 min 43 s
Description: On the second day of high-stakes consultation hearings in Washington, several U.S. business leaders spoke in defense of CUSMA as President Donald Trump threatens to exit the trade deal early.

On the second day of high-stakes consultation hearings in Washington, several U.S. business leaders spoke in defense of CUSMA as President Donald Trump threatens to exit the trade deal early.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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At recent trade hearings in Washington, numerous business leaders and witnesses emphasized the importance of maintaining the USMCA (also known as CUSMA) trade agreement between Canada, the United States, and Mexico. They warned that abandoning the agreement could result in significant economic harm for all three countries. 

Concerns have grown over signals from the Trump administration that the U.S. may seek to revise or exit the deal, with some viewing these threats as negotiation tactics. Meanwhile, labor unions and industry groups are pushing for changes to the agreement, particularly in the steel and auto sectors. Despite ongoing tensions, upcoming meetings between leaders are not expected to yield major breakthroughs on trade.

Business leaders warn abandoning CUSMA could be ‘economic catastrophe’

Behind closed doors at the high-stakes trade hearings a theme emerged as dozens of witnesses weighed in. Save Kuzma or the USMCA as it's known here in Washington. It is the most consequential trade agreement on the planet. Renew the USMCA. Get this done. Start normalizing trade relations. Tone down the temperature and get to work. The trade agreement between Canada, the U.S. and Mexico will be reviewed and likely renegotiated next June. But concern is growing the Trump administration may abandon the deal. Jameson Greer, the top U.S. trade official said the president only wants a good deal and the U.S. may need to revise it, review it or exit it. Donald Trump made similar threats at the White House. We'll either let it expire or we'll maybe work out another deal with Mexico and Canada. The deal doesn't actually just expire but the U.S. could leave it by giving six months notice. I'm not surprised by those comments. When I hear those my heart sinks to my feet. I think it'd be an economic catastrophe for all three countries. Though Trump's threat to pull out is also being viewed with some skepticism. I think they said it's possible and it's also possible the Toronto Maple Leafs might win a Stanley Cup one year but doesn't mean it's going to happen anytime soon. I think it's it's classic negotiation tactics. Trump wants concessions from Canada and Mexico and may demand changes from the steel industry amid complaints from U.S. producers. We cannot allow North America to continue to be a dumping zone for excess capacity for steel. And there's pressure from a powerful auto workers union to make significant changes including better protections, improved conditions and growing manufacturing jobs at home. And if that is not brought into this deal, what do you think? We should get rid of it to be to be blunt. All of these tensions will be put to the side at least for part of Friday. Prime Minister Mark Carney will visit D.C. to be with Trump and with Mexico's President Claudia Sheinbaum at the FIFA World Cup final draw. They'll be on stage together all three of them for at least two hours. And Katie on top of that Carney is expected to get some one-on-one time with Trump. Yeah the Prime Minister's office says it will likely be a brief conversation. He'll also chat privately with Sheinbaum. Two Canadian government sources tell me expectations are low. The talk with Trump will lead to any breakthroughs on the trade front. Emphasizing this event is really about celebrating FIFA soccer.

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Business leaders warn abandoning CUSMA could be ‘economic catastrophe’

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