
By Sohom Bhowmick ,
Research Manager Political and Credit Risk
09/12/2025 · 2 minute read
Since 2020, the CUSMA has underpinned nearly US$2 trillion in annual trade across North America. However, upcoming mandatory reviews in 2026, rising tariffs, and shifting geopolitical dynamics are creating uncertainty for businesses reliant on this agreement. Manufacturers, in particular, face increased risks due to complex supply chains that often cross borders multiple times. Understanding evolving trade rules and preparing for potential changes is essential for building resilience and seizing new opportunities.
This report aims to clarify CUSMA qualification requirements, explain how tariffs announced since February 2025 affect them, and explores potential changes from the 2026 joint review. It also provides strategic takeaways to help businesses build resilience and navigate upcoming challenges.
Managing Director & Industry Leader, Manufacturing
Canada