The Trump administration’s decision to forgo renewal of the United States-Mexico-Canada Agreement (USMCA) on the July 1 deadline has opened a new front in the ongoing trade war — and one with direct consequences for US homebuilders and the mortgage professionals who serve them. US Trade Representative Jamieson Greer confirmed on Wednesday that the three countries met virtually for the required joint review and that the US declined to extend the agreement in its current form. The USMCA remains in effect until 2036 but will now be subject to annual reviews that could force significant renegotiation of major sections of the treaty, a development that has rattled an already strained construction supply chain. …Canadian softwood lumber already carries a combined duty burden of 45%. That cost has steadily compressed builder margins even as new home demand remains sluggish and housing starts have declined every year since their 2021 peak.