What 16 Companies Said About the USMCA Review on Their Calls
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ticker
Company Name
Verbatim management commentary
Benefit or risk framing
Specific products / plants / cross-border routes affected
Quantified tariff / cost / rules-of-origin impact
Mitigation / contingency plan
Source
Market Cap
NUE
Nucor Corp
“Earlier this month, as expected, the Trump administration announced it has opted not to renew the USMCA trade agreement unless changes are made.”
Mixed, but primarily benefit/opportunity for tighter North American steel rules, with policy-review risk if changes are not made.
Management explicitly referenced “all steel used in any steel or steel intensive products,” “automotive products,” and North American steel purchasing/content rules.
No dollar impact disclosed. Management said the decision “triggers an annual review process” and that changes could “improve demand for the North American content.”
Nucor is advocating for stricter compliance rules: “a requirement that all steel used in any steel or steel intensive products must be melted and poured in North America to qualify as USMCA compliant”; also wants “the North American steel purchasing requirement for automotive products” increased with a “melted and poured requirement effective immediately.”
“We are also actively engaged with the USTR regarding the USMCA review, to ensure there are no weakening regarding our protections, including melted and poured provisions.”
Risk, framed as a need to prevent weakening of current protections; also implicitly a benefit if protections are preserved.
“protections, including melted and poured provisions” affecting North American steel qualification/content rules.
No dollar or percentage impact disclosed.
“Actively engaged with the USTR” during the USMCA review to preserve existing protections.
“We spent a lot of time in the last month or 2 talking about the USMCA review, which is certainly a key aspect, in fact, probably the main driver with the relationship between the U.S. and its North and South neighbor.” “The review process is still underway with very active negotiations. We believe that the primary activity or the most likely significant activity will come around rules of origin, likely specifically with respect to the automotive sector.” “We either could get full agreement in the next 2 weeks, very optimistic that, yes, the 3 countries want to move forward with USMCA as written, no changes and the duty rates will essentially stay in place.”
Mostly risk/uncertainty, though management also outlined a benefit scenario if USMCA continues “as written” and duty rates stay in place.
North American trade relationship broadly; “rules of origin,” “specifically with respect to the automotive sector.”
No dollar impact disclosed. Quantification limited to scenario language that “duty rates will essentially stay in place” if agreement holds.
Scenario planning around outcomes: possible “full agreement” with no changes, or continued renegotiation focused on rules of origin. Management emphasized that negotiations are “very active” and ongoing.
“While uncertainty remains in the evolving geopolitical and trade environment, including the upcoming USMCA renegotiation, we now have sufficient visibility into the Section 232 exposure in our mitigation plan and our expected results for the year to introduce a revised guidance based on what we know today.” “First of all, we are depending on the tariff and the USMCA.” “We will continue to monitor the situation, including the upcoming USMCA negotiations and we will not hesitate to further adjust our operations to protect our long-term competitiveness.” “As you know, things are moving and USMCA being renegotiation renegotiating. So our view is that the there is probably a world where tariffs will exist, but probably not the configuration that we see it today going forward. And certainly, if we don't need these mitigation measures and we want to reinvest in the business, we'll certainly scale back on some of them.”
Risk/uncertainty, with active mitigation planning.
Section 232 exposure; management also referenced reliance on “U.S. manufacturing, U.S. foundries, U.S. supplier network.”
No exact dollar figure in the retrieved evidence; only “meaningful incremental cost” and Section 232 exposure were referenced.
Revised guidance; monitor USMCA negotiations; “further adjust our operations to protect our long-term competitiveness”; scale back mitigation measures if conditions improve; rely on U.S. manufacturing/foundries/suppliers.
“So through this whole kind of tariff piece, we have worked that global supply chain to optimize it, to leverage USMCA as best we can and to partner with our customers on what the right long-term economic solutions are.”
Benefit, framed as a tool to optimize supply chain economics amid tariffs.
“global supply chain”; component footprint across U.S. and global operations.
No quantified tariff or cost impact disclosed.
“optimize” the supply chain, “leverage USMCA as best we can,” partner with customers, and “when the new rules come out, will adapt and continue to evolve and get to the best low-cost solution for us and our customers.”
“we look to avail ourselves of any exemptions available, the largest of which has been the USMCA exemption, which has allowed us to continue to mitigate our customers from tariff pricing increases by leveraging and certifying as much of our products that are coming out of Mexico under that exemption.”
Benefit, specifically as a tariff-mitigation tool.
“products that are coming out of Mexico” to customers.
No dollar or percentage impact disclosed.
Use available exemptions, especially the “USMCA exemption,” and certify as much Mexico-origin product as possible under that exemption to mitigate tariff pricing increases.
“We have 15 production facilities in the U.S. We have 2 on the border that are 98% USMCA compliant, and that gives us tariff advantages in 19 key categories.”
Benefit.
“15 production facilities in the U.S.”; “2 on the border”; the retrieved evidence also ties this to coolers in Kansas and Rubbermaid food storage products in Ohio.
“98% USMCA compliant”; “tariff advantages in 19 key categories.”
Management emphasized its domestic manufacturing footprint and highly compliant border facilities as the mitigation/advantage structure.
“Regarding USMCA, there's a lot of speculations of all the talks that are being held between the U.S. and Mexico.” “I mean, I don't want to speculate more of all the things that have been said. What I think it's happening also is, I mean, for one part being several deals or making a huge deal, priorities for Mexico is the 232 in all the sectors, which is very correct.”
Risk/uncertainty.
Broad U.S.-Mexico trade discussions; “the 232 in all the sectors.”
No quantified impact disclosed.
No explicit mitigation plan stated in the retrieved evidence.
“Our preliminary review shows that these duties would affect a small portion of products fulfilled in Canada for U.S. customers, and we're actively operationalizing supply chain and fulfillment adjustments to mitigate a substantial portion of any prospective cost impact.”
Risk, with mitigation.
“products fulfilled in Canada for U.S. customers” — a specific cross-border fulfillment route.
Qualitative only: “a small portion” affected; “a substantial portion” of prospective cost impact could be mitigated. No dollar amount disclosed.
“Actively operationalizing supply chain and fulfillment adjustments” to mitigate cost impact.
“Our outlook reflects the current tariff environment and the mitigation actions we have implemented through pricing, sourcing and cost initiatives.”
Risk, mitigated through operating actions.
The retrieved evidence refers generally to North America and Latin America inventory/production alignment rather than a specific USMCA route or plant.
“gross tariff-related costs of approximately $115 million in 2026”; “$22 million of certain EPA tariff refunds”; “net tariff impact to $95 million for the year”; “increase of $50 million compared to last year.”
“pricing, sourcing and cost initiatives”; also inventory management and aligning production with retail demand and dealer inventory requirements.
“Regarding USMCA, without going into more detail that you're already likely aware, it's important to emphasize that the agreement remains in full force.”
Benefit/stability factor.
No specific products, plants, or routes named in the retrieved evidence.
No quantified impact disclosed.
Limited contingency language: management said the agreement remains “in full force” and noted Mexico remains in a strong position even without a formal near-term extension.
“Just to mention, what's going on with USMCA. As you know, USMCA is set to expire in 2036. But beginning this year, there are going to be annual revisions to the agreement.”
“In Mexico, the existing USMCA trade agreement remains in place through 2036 and continues to provide Mexico with reliable and preferential access to the U.S. and Canadian markets, supporting investments in economic cross-border opportunities across North America.” “Future bilateral discussion will focus on improving market access, strengthening regional production and addressing select tariffs.”
Mostly benefit, with some acknowledgment of tariff issues.
Mexico’s access to U.S. and Canadian markets; “regional production” and cross-border opportunities across North America.
No quantified impact disclosed.
No company-specific mitigation plan stated; management pointed to future bilateral discussions aimed at improving market access, strengthening regional production, and addressing tariffs.
Rows were limited to companies where the provided evidence explicitly mentioned USMCA, the USMCA review/renegotiation, or North American trade/tariff rules in management commentary.
Companies with only generic tariff commentary and no clear USMCA/North America linkage in management remarks were excluded.
The strongest 2026 USMCA joint review / rules-of-origin discussion in the evidence set came from Nucor, Steel Dynamics, Expeditors, BRP, Gerdau, Ternium, and BBVA.
The clearest specific route / plant / product disclosures came from:
Newell: “15 production facilities,” “2 on the border,” “98% USMCA compliant,” “19 key categories”
Atmus: products “coming out of Mexico”
Kontoor: “imports from Mexico to the U.S.”
Cimpress: products fulfilled “in Canada for U.S. customers”
The clearest quantified impacts in the evidence were:
Newell: “98% USMCA compliant,” “tariff advantages in 19 key categories”
AGCO: $115 million gross tariff-related costs, $22 million refunds, $95 million net impact, +$50 million vs. last year
No retrieved match provided a direct management quote explicitly using the phrase “2026 USMCA joint review” verbatim, but several clearly discussed the 2026 review / annual review / renegotiation process.
