达信（Marsh）：2025北美制造业贸易政策展望报告（英文版）（18页）.pdf

1、September 2025Credit SpecialtiesTrade policy outlook for North American manufacturingPreparing for the USMCA 2026 joint reviewTrade policy outlook for North American manufacturing2Trade policy outlook for North American manufacturing2Contents120315041707The 2026 USMCA joint reviewExecutive summaryRi

2、sk mitigation strategiesUSMCA for manufacturersConclusionThe evolving cost of continental tradeTrade policy outlook for North American manufacturing3The upcoming mandatory USMCA joint review in 2026,combined with a volatile political landscape and increased use of tariffs by the US,has created a com

3、plex and uncertain environment for US,Canadian,and Mexican businesses that had grown accustomed to a broad and stable free trade arrangement across the continent.Especially for manufacturers,whose product inputs often cross North American or international borders several times during assembly,exposu

4、re to trade disruptions is a significant concern.Given these vulnerabilities,assessing the outlook for the continents trading environment is a crucial step for improving resilience and identifying areas of opportunity.This report aims to clarify the existing qualification requirements under USMCA,ex

5、plain how tariffs announced since February 2025 interact with these requirements,and explore potential changes to the agreement that may emerge during the 2026 joint review process.The report also offers strategic takeaways to help businesses build resilience and navigate the challenges of the comin

6、g year and beyond.Executive summarySince its implementation in 2020,the United States-Mexico-Canada Agreement(USMCA)has been the foundation of approximately US$2 trillion in annual trade each year.However,the stability and long-term clarity the agreement was expected to deliver is facing unprecedent