Trump says he may not renew US trade deal with Canada and Mexico

US President Donald Trump on Wednesday said he is not seeking to renew the US-Mexico-Canada Agreement (USMCA), which he signed during his first term.

"I'm not looking to renew it," Trump told reporters at the Oval Office when asked about the North American trade pact. He said the agreement's termination mechanism was one of the main reasons he supported replacing NAFTA with USMCA during his first term.

Trump described NAFTA as "the worst trade deal" the US had ever signed, and said the USMCA was "a much better deal" largely because it gave Washington the right to reconsider the agreement after six years.

"After six years, it comes up for renewal. I don't know that I'm going to renew it," he said.

The USMCA, which replaced NAFTA, entered into force in July 2020 and includes a joint review mechanism scheduled for 2026. Under the pact, the US, Canada and Mexico are expected to review the agreement and decide whether to extend it.

Trump said the US "does much better" without relying on goods from Canada and Mexico, arguing both countries need access to the US market more than Washington needs their exports.

"We don't need their cars, we don't need their lumber, we don't need their energy," he said, adding that the US should have trade surpluses with both countries rather than deficits.

Trump also repeated his long-running claims about the 2020 presidential election, alleging without providing evidence that it had been "rigged."

In separate remarks, Trump said he would soon meet "the top 12 or 15 executives" from an "amazing industry," saying the US is leading China "by a lot."

He did not name the industry directly in the remarks, but said leadership in the sector would be critical to global influence.

"Whoever leads that is going to really lead the world to a large extent," he said.

Trump said the administration was discussing whether companies in the sector could "give back something to the public," and that such a move could bring major financial benefits to Americans.

"If we do that, the public will become very rich, the people in our country, because that's the kind of money we're talking about," he said.