U.S. Trade Representative Jamieson Greer said that the United States has decided not to renew its trade deal with Canada and Mexico for now and will instead conduct annual reviews of the pact, formally known as the United States-Mexico-Canada Agreement (USMCA), Bloomberg reported July 1.

The USMCA will remain in force at least until 2036 as the three countries hold annual negotiations and as long as no party decides to unilaterally withdraw. The USMCA entered force on July 1, 2020, replacing the North American Free Trade Agreement (NAFTA) enacted in 1994.