On July 1, the United States declined to renew CUSMA, the North American trade agreement that currently covers roughly 90% of Canadian exports, starting the review process that could ultimately lead to its expiration in 2036.The U.S. has signaled it expects an "entry fee" of concessions before serious negotiations begin. Canada has already made one major concession by cancelling its Digital Services Tax in an effort to restart talks—but negotiations stalled again anyway.Meanwhile, the United States and Mexico have now held their third round of trade talks, while Canada has yet to begin its first.This isn't a Trump episode or a Carney episode. It's about one question:What is Canada's plan—and why won't anyone say it out loud?SourcesCBC — CUSMA July 1 explainerhttps://www.cbc.ca/news/politics/cusma-usmca-july-1-canada-us-mexico-trade-trump-tariffs-9.7253789CBC — "Entry fee" / Jamieson Greer remarkshttps://www.cbc.ca/news/world/cusma-canada-us-mexico-free-trade-agreement-trump-usmca-9.7212486BNN Bloomberg (Canadian Press) — Deadline passeshttps://www.bnnbloomberg.ca/business/international/2026/06/30/continental-trade-pact-set-to-stay-in-place-as-us-blows-past-key-deadline/Bloomberg (via TTNews) — Jean Charest interviewhttps://www.ttnews.com/articles/us-canada-trade-talks-usmcaThe Logic — Digital Services Tax concession historyhttps://thelogic.co/news/analysis/canada-us-trade-wait-and-see-approach/Bloomberg (via Claims Journal) — Trade talks statushttps://www.claimsjournal.com/news/national/2026/06/05/338010.htmBNN Bloomberg (Canadian Press) — Industry concerns over trade talkshttps://www.bnnbloomberg.ca/business/2026/06/05/what-business-leaders-want-and-worry-about-on-trade-talks-with-us/Marketplace — What happens after the deadline?https://www.marketplace.org/story/2026/07/02/when-a-north-american-trade-deadline-passes-what-happens-nextChapters