Juan Pablo Spinetto, Columnist

Mexico Can Call Trump’s Bluff on Trade

February 18, 2026 at 10:00 AM UTC

JP Spinetto is a Bloomberg Opinion columnist covering Latin American business, economic affairs and politics. He was previously Bloomberg News’ managing editor for economics and government in the region.

Go ahead and kick that own goal, Mr. President.
Photographer: Jim Watson/AFP/Getty Images

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Tensions over the revision of North America’s trade pact are escalating.

Just last week, US President Donald Trump was reportedly weighing whether to withdraw from the $1.9 trillion agreement known as USMCA, injecting fresh uncertainty into high-stakes negotiations among the US, Canada and Mexico ahead of its July 1 review deadline. My Bloomberg News colleague Josh Wingrove captured the mood in this scoop: