North American trade is at a crossroads.
North American free trade has delivered three decades of integration and prosperity. But USMCA joint review arrives amid a fractured global trade order, surging transshipment, and forced labor exposure that will shape the region's future.
Altana's Future of Trade Forum is a periodical publication dedicated to exploring the changing global trading system and the forces shaping the global economy.
In this report, we uncover the broad trade flows, sector-specific shifts, and vulnerabilities in North American trade since USMCA ratification in 2020 — drawing on Altana's multi-tier supply chain intelligence and insights from 91 senior trade, supply chain, and geopolitical experts.
Value of suspected U.S.-bound transshipment, 2025
Our analysis shows that intra-USMCA trade has surged 29% since ratification. But it also reveals $86 billion in forced-labor-exposed shipments upstream in product value, a surge in goods transshipment, and expert prediction that the entire USMCA enforcement paradigm must change.
Read the full report to learn about the successes and failures of USMCA's first six years, what to expect from joint review, and the future of North American trade. 
