The U.S. decision not to renew its trade pact with Mexico and Canada sends the USMCA into a process of annual reviews. "While far from ideal from an investment-certainty perspective, the treaty remains in force and...continues providing a legal framework that extends through its existing horizon unless replaced, terminated, or subsequently renewed," Gabriel Casillas and Nestor Rodriguez of Barclays say in a note. The main challenge remains policy uncertainty, rather than existing tariff levels, and companies may continue to postpone investment decisions, they write. "Firms can often navigate tariffs, rules-of-origin requirements, and regulatory changes. What is harder to manage is uncertainty regarding the future operating framework." (anthony.harrup@wsj.com)