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Weekly Report - 23 July 2026 (WR-26-29)

MEXICO: World Cup unity masks trade tensions

Mexico’s President Claudia Sheinbaum stood side by side with her US peer Donald Trump and Canada’s Prime Minister Mark Carney at the Fifa World Cup final presentation ceremony in the US on 19 July. The outward show of harmony was belied by mounting trade tensions. The following day President Trump slapped tariffs of up to 50% on Canada as the prelude to three days of talks on updating the United States-Mexico-Canada Agreement (USMCA). While Mexico’s economy minister, Marcelo Ebrard, expressed hope that the discussions would prove to be fruitful”, both his government and domestic business leaders are fearful that Mexico could be next in line for US tariffs.

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