CRS, U.S.-Mexico Trade at $976B, New 10% §301 Tariff and USMCA Review Ongoing

Mexico is the top U.S. trading partner in goods and services at $976.1B in 2025, but faces a new 10% §301 tariff on imports effective July 24, 2026 over forced-labor enforcement failures, with USMCA-compliant goods exempt. The USMCA joint review concluded without U.S. renewal, bilateral negotiations continue with a fourth round scheduled for September 2026.