There might be a window to renewing the Canada-United States-Mexico Agreement (CUSMA) this fall should the Trump administration desire “some kind of win” before the November elections, Steve Verheul said Monday, but he thinks it is more likely discussions will stretch into next year. (The Logic)

Talking point: Negotiators are meeting virtually on Wednesday for the first trilateral discussion on the review of CUSMA. Canada and Mexico have said they want to renew the deal until 2042. Since the U.S. appears unlikely to agree, there would potentially be annual reviews up to 2036, when CUSMA is set to expire. In a webinar hosted by BMO, Verheul said the U.S. has been less flexible on its demands, so there is “not a lot of incentive” for Mexico and Canada to compromise. “Continued uncertainty is going to be the name of the game,” he said.