After 14 months of talks between the United States and its closest allies, President Donald Trump celebrated the United States Mexico Canada Agreement, or USMCA, a new trade agreement that is poised to replace the North American Free Trade Agreement, or NAFTA.
The US dollar slipped against the Canadian dollar on Monday as the United States and Canada reached a framework deal to update the North American Free Trade Agreement. The deal reached involves offering more dairy access to U.S. farmers as well as Canada agreeing to a side-letter arrangement effectively capping automobile exports to the United States.
The Brazilian Real slumped on Monday as mounting concerns over this year's presidential election added to global risk aversion, while the Argentine peso extended a recent sell-off that also spread into stock markets in Latin America.
The leaders of the United States and Canada expressed optimism on Wednesday that they could reach new NAFTA deal by a Friday deadline as negotiators prepared to talk through the night, although Canada warned that a number of tricky issues remained.
United States and Mexican law enforcement authorities will set up a joint team based in Chicago targeting the leaders and finances of drug cartels that ship opioids into the United States, aiming to stanch a spike in overdose deaths, officials said on Wednesday.
Mexican president-elect Andres Manuel Lopez Obrador said he will abandon the secret service-style protection used by his predecessor in favor of a security detail of 20 unarmed men and women, including lawyers, doctors and engineers.
Dozens were injured when a packed Aeromexico-operated Embraer jet crashed right after takeoff in Mexico’s state of Durango on Tuesday, but authorities said most were not seriously hurt and there were no fatalities.
The finance ministers for Mexico and Canada on Sunday said they were optimistic about NAFTA talks with the United States, even as trade tensions spurred by U.S. tariffs dominated the G20 meeting of world economic leaders in Argentina.
The European Union, Mexico and Canada have said they will retaliate against the US if the White House places new tariffs on foreign cars and vehicle parts. The countries delivered the warning on Thursday to a panel examining whether to recommend the taxes on grounds of national security.
Mexican President-elect Andres Manuel Lopez Obrador has given his future interior minister carte blanche to explore the possibility of legalizing drugs in a bid to curb violent crime, she said on Tuesday.