Rodrigo Abud, managing director of Panorama in Monterrey, Mexico: “The idea of replacing the USMCA with two bilateral deals is politically tempting but economically shortsighted. Trilateral cooperation, though complex, remains more valuable than the sum of its parts. The United States, Mexico and Canada operate as an integrated platform, not three isolated economies. Undoing that structure would raise transaction costs, fragment supply chains and inject uncertainty into an already tense trade environment. Still, Washington’s concerns about Mexico’s deepening economic ties to China give this threat credibility. Chinese exports to Mexico have increased to about $130 billion, while Mexican exports to China stood at around $10 billion, creating a substantial trade imbalance. From the U.S. perspective, Mexico must prove it is not serving as a back door for Chinese goods and act to correct that deficit, issues now central to the renegotiation…”