The United States-Mexico-Canada Agreement replaced NAFTA on July 1, 2020. It governs about $1.8 trillion in annual trade between the three countries. The agreement includes a mandatory joint review after six years — meaning the first review is due in 2026. If all three countries agree, it continues for another six years. If any country opts out or the parties cannot agree, it expires in 2036. The review process is supposed to be trilateral.