Greer Seeks Partial USMCA Deals in 2026; Energy Among 15 Bilateral Disputes

U.S. Trade Representative Jamieson Greer met with President Claudia Sheinbaum and Secretary Marcelo Ebrard at the National Palace on July 23, during the third bilateral review round of the United States-Mexico-Canada Agreement (USMCA). The talks followed a two-track strategy: provisional agreements scheduled for 2026, with complex chapters deferred to 2027.

These discussions arise amid friction in the energy sector. The American Society of Mexico, led by Larry Rubin, identified 15 U.S. discrepancies with Mexico linked to the treaty. One key issue involves how U.S. companies are treated relative to Petróleos Mexicanos (Pemex) and the Comisión Federal de Electricidad (CFE) in the national energy market, as reported by Forbes México. The dependency is profound: Mexico imports three out of every four units of natural gas it consumes from the United States, according to the U.S. Energy Information Administration (EIA). Before traveling to Mexico, Greer told the Senate Finance Committee that he expects to have options ready to present to the leaders of the three countries by year-end, according to El Financiero.

The official agenda for this round, with technical work beginning on July 21 and concluding on July 24, covers tariffs on steel and aluminum, automotive rules of origin, agricultural trade, critical minerals, and electronic payment services. On the automotive front, Washington proposes that 50 percent of each vehicle's value originate in the United States, raising the required regional content to 82 percent, according to El Universal. Meanwhile, Fitch Ratings noted on July 21 that uncertainty surrounding the annual USMCA reviews is slowing private investment in Mexico's energy sector. According to the rating agency, if private capital fails to arrive at projected volumes, Pemex and CFE will bear a greater burden of the Mexico 2030 Plan. The energy component of this plan concentrates 54 percent of a 5.6 trillion peso infrastructure program.

The third bilateral round concludes on July 24. Issues crossing into the energy sector, from treatment of Pemex and CFE to investment certainty, remain under scrutiny ahead of future rounds, as Greer seeks partial agreements before the end of 2026.

This note was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.