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CUSMA Not Renewed: What the Trade Deal Impasse Means for Your Wallet

  July 2, 2026 | Trade & Economy The mandatory six-year review of Canada's most important trade agreement came and went this week — and it did not go the way Ottawa hoped. On July 1, U.S. Trade Representative Jamieson Greer confirmed that the United States will not renew the Canada-United States-Mexico Agreement (CUSMA) in its current form, sending the deal into a more uncertain, year-by-year footing right as Canadians are already navigating tariffs, a soft labour market, and a technical recession. Here is what actually happened, why it matters, and what it could mean for your budget in the months ahead. The short version CUSMA isn't dead. It remains legally in force until 2036. But instead of locking in a fresh 16-year term, the deal now shifts into annual reviews, with existing tariffs on steel, aluminum, autos and softwood lumber unresolved for now. What happened on July 1 CUSMA was built with a mandatory joint review every six years. If Canada, the U.S. and Mexico had a...
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Biden and Netanyahu Discuss Ceasefire Amid Escalating Tensions in Israel-Gaza Conflict


In a critical development, US President Joe Biden recently engaged in a phone call with Israeli Prime Minister Benjamin Netanyahu as the pressure mounts on both Israel and Hamas to find common ground and reach a ceasefire agreement. Here are the key points from their conversation:

  1. Opposition to Rafah Invasion:

    • President Biden reiterated the US’s clear position opposing Israel’s plans to invade Gaza’s southernmost city of Rafah. This stance comes despite global concern for over one million Palestinians currently sheltering in the area.
    • Thousands of homes in Rafah have already been destroyed by airstrikes, and the threat of a ground invasion looms large.

  2. Ceasefire Talks in Cairo:

    • Talks are set to commence in Cairo, Egypt on Monday to negotiate a potential ceasefire deal.
    • Hamas has confirmed its participation and will send a delegation to the negotiations.
    • An Israeli delegation is also expected to arrive in Egypt to discuss the latest proposals.

  3. Humanitarian Aid and Hostage Release:

    • President Biden emphasized the importance of sustained and enhanced delivery of humanitarian aid to Gaza.
    • The ongoing conflict has severely impacted civilians, aid workers, and hostages.
    • In a previous call, Biden had warned that future US support for Israel would depend on swift steps to protect civilians and aid workers.

  4. Qatar’s Role:

    • Qatar, a key intermediary, has urged both Israel and Hamas to show more commitment and seriousness during negotiations.
    • Qatar played a crucial role in negotiating a brief halt to the fighting in November, leading to the release of dozens of hostages.
    • However, Qatar has recently reassessed its role in the conflict.

  5. Netanyahu’s Response:

    • There has been no official comment from Prime Minister Netanyahu’s office regarding the latest call with President Biden.
    • Netanyahu has previously rejected Hamas’s terms for a ceasefire and hostage-release agreement, calling them “delusional” and complicating efforts to strike a deal.

As the situation remains tense, the international community closely watches the developments in the Israel-Gaza conflict. The hope is that diplomatic efforts will lead to a resolution that brings an end to the prolonged war and ensures the safety and well-being of civilians on both sides.

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