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Trump seeks to rewrite USMCA terms by 2036
Trump seeks to rewrite USMCA terms by 2036
Washington, 1 July (Argus) — President Donald Trump's administration will attempt to substantially revise terms of the US-Mexico-Canada (USMCA) trade agreement in the next decade, triggering a protracted negotiation period that could end with the treaty expiring in 2036. The USMCA, negotiated during Trump's first term in 2018-20, set 1 July 2026 as a deadline for the three countries to agree on an extension, or to seek to revise its terms. The Trump administration has decided not to renew the deal in its current form, said Jamieson Greer, who heads the US trade representative's office (USTR), on Wednesday. That decision does not immediately terminate the USMCA. The three countries will now hold annual reviews to seek consensus on a long-term extension beyond 2036, but any country can withdraw from the pact with six months' notice. Greer's counterparts, Mexico's economy minister Marcelo Ebrard and Canada's trade minister Dominic LeBlanc, issued statements on Wednesday stressing that the agreement remains fully in force despite the US decision. Public comments submitted to the USTR and US congressional hearings earlier this year showed broad support from energy, agriculture and other sectors for renewing the trade deal without changes. But Trump has made it clear he was opposed to the renewal. "I'm not a big fan of" USMCA, he said last month. "We do better without an agreement." The USTR has cited rising US trade deficits with Mexico and Canadian countermeasures during last year's trade war the White House launched with its neighbors as reasons for the decision not to automatically renew the USMCA. Greer told US lawmakers previsously USTR will push to shore up US content requirements in products covered by the USMCA, especially in auto manufacturing. The agency will maintain its policy of exempting North American trade in energy, fertilizers and minerals from future tariffs. USTR officials also told lawmakers that the US administration may seeks separate agreements with Mexico and Canada instead of a three-way deal. Ottawa and Mexico City have shown little support for that approach. The USMCA provided a buffer against tariffs that Trump's administration leveled on Canadian and Mexican imports last year and is trying to recreate after the US Supreme Court in February struck down his ability to impose tariffs at will. Canada and Mexico still face higher steel and aluminum tariffs than before Trump returned to office, but the USMCA has exempted most trade between the three countries from tariffs. Trump's decision not to automatically renew the deal will weigh on investment and business decisions in the next decade, private sector executives have said. "Once we get past 1 July, the forecasts change and economic conditions will gradually worsen every month no resolution is reached," said Victor Herrera , chief economist at Mexico's finance executives' association IMEF. "Investment will not pick up until that renewal is final." The USTR will hold another round of trade talks with Mexico on 20 July to discuss possible changes, Greer said. Canada will focus USMCA review discussions with the US "on addressing sectoral tariffs on Canadian steel, aluminum, autos and lumber," LeBlanc said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Enterprise co-CEO Teague to retire in January
Enterprise co-CEO Teague to retire in January
Houston, 1 July (Argus) — Enterprise Products Partners co-chief executive Jim Teague will retire on 4 January from the US midstream company he has helped lead for 28 years. Co-chief executive Randall Fowler will continue as chief executive after Teague's departure. Under Teague's leadership, Enterprise has expanded its pipeline operations and crude and LPG export facilities in Houston, Texas, as part of a larger strategy to capitalize on an integrated "wellhead to water" fee-based footprint. Enterprise became the first midstream company to provide wellhead to water natural gas liquids (NGL) services in 2009, facilitating higher US production that has contributed to the renaissance of the US petrochemical industry while providing affordable US ethane and propane supplies to international markets, said Randa Duncan, non-executive chairman of Enterprise Products Holdings, the company's general partner. Teague joined Enterprise in 1999 after 22 years with Dow Chemical. He was promoted from Enterprise's chief operating officer to chief executive in 2016, and was joined by Fowler as co-chief executive in 2020. Following Teague's departure, Enterprise's general partner will expand the role of the management oversight group that serves as a liaison between its general partner and the company's management. That committee includes Duncan, the general partner's vice chairman Richard Bachmann, Fowler, commercial officer Michael Hanley, and chief financial officer R. Daniel Boss. Under Teague's leadership Enterprise and other midstream operators advocated for the expansion of the Houston Ship Channel, a project that is currently underway . Enterprise's moves follow leadership changes at rival midstream operator Energy Transfer announced in June, with its co-chief executive Marshall McCrea set to depart by the end of the year . By Amy Strahan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Taiwan's Formosa shuts base oil unit on upstream issue
Taiwan's Formosa shuts base oil unit on upstream issue
Singapore, 1 July (Argus) — Taiwanese refiner Formosa has shut its base oil unit as of 29 June, because of a technical issue relating to its upstream vacuum distillation unit which has cut off base oil feedstock, according to the firm's base oils distributor. Base oil production is expected to restart by mid-July. Spot offers have temporarily paused. Shipments for bulk volumes are more impacted than flexibag supplies. Loadings for bulk volumes are mostly deferred to late July, while loadings for flexibag supplies are only deferred until around mid-July. Term allocations are so far unchanged. The upstream technical issue first started around 10 June, which curbed feedstock for the base oil, mainly affecting output for the heavy-grade. The 600,000 t/yr Group II refinery is scheduled to undergo a 45-day maintenance in mid-October. News of the shutdown was met with a subdued response from buyers, given that demand has been weakening on the back of lower feedstock values and expectations that the US-Iran peace deal will weigh on prices further. The Argus -assessed Asian fob export prices for Group II N150 and N500 fell by $30/t to $1,745/t in the week ending 26 June. By Tara Tang Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US April base oil exports up by 5.8pc: EIA
US April base oil exports up by 5.8pc: EIA
Houston, 30 June (Argus) — Total US base oil exports rose by 5.8pc to 125,570 b/d in April from year-earlier levels, according to the Energy Information Administration (EIA). Total monthly export volumes fell by 13pc from March totals of 110,650 b/d. US exports to Mexico declined by 44pc from year-earlier levels and by 22pc from March totals. Base oil exports to Brazil rose by 7.8pc from 2025 levels and were up by 33pc from March levels. US exports to Belgium, France and the Netherlands — a proxy for European demand — increased by 86pc from a year earlier and by 97pc from month-earlier levels. European volumes most likely increased because the closure of the strait of Hormuz continued to incentivize buyers to look towards US volumes. European bids were deemed more attractive by several US base oil sellers. US exports to Chile, Ecuador and Peru — a proxy for west coast South American demand — fell by 20pc from April 2025 totals. However, monthly totals rose by 6.5pc from March 2026 volumes. Base oil exports to Canada rose by 3.6pc in April from a year earlier and up by 5.3pc from March levels. US refiners experienced firmer demand from multiple regions because of decreased base oil availability caused by US-Iran war impacts and the lack of movement through the strait of Hormuz. Some regions reported fewer US export volumes because sellers were prioritizing term customers and holding onto more surplus base oil volumes for domestic customers. By Karly Lamm US base oil exports b/d Country Apr-26 m-o-m±% y-o-y±% Mexico 22,600 -21.8 -44 Brazil 13,770 33 7.8 Belgium 21,870 120 147 France 770 -60 -45 The Netherlands 830 1,192 -64 India 130 -98 -95 Ecuador 2,900 150 0 Peru 3,200 -9.1 -31 Cuba 3,140 -8.1 -27 Canada 10,570 3.6 5.3 Total 125,570 -13.5 5.8 *Total includes all countries, not just those listed Energy Information Administration (EIA) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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