The European Union and Mexico reached an agreement on Saturday on a new free trade deal, a coup for both parties in the face of increased protectionism from the United States under President Donald Trump. Since its plans for a trade alliance with the United States were frozen after Trump's election victory, the EU has focused instead on trying to champion open markets and seal accords with other like-minded countries.Add your comment!
Mexico has banned federal institutions and state governments from doing business with Brazilian construction firm Odebrecht for the next 2-1/2 years, and fined the company around US$ 60 million, the government said.Add your comment!
Mexico’s frontrunner has just clocked a new milestone in his race toward the presidency, distancing himself from his rivals by 22 percentage points in a new poll ahead of the July 1 election.1 comment
The ministers leading the renegotiation of the North American Free Trade Agreement (NAFTA) could meet again on Thursday in Washington as they push for quick progress, Mexican Economy Minister Ildefonso Guajardo advanced. Guajardo said he had spoken to Canadian Foreign Minister Chrystia Freeland on Monday and would talk to U.S. Trade Representative Robert Lighthizer to see about agreeing a trilateral meeting in Washington on Thursday.Add your comment!
Some countries are now likely to be spared from planned tariffs on metals advocated by U.S. President Donald Trump. White House sources said Trump's controversial tariff plan could be put into action at a signing ceremony on Thursday afternoon.
U.S. President Donald Trump said on Monday the U.S. is not backing down on its decision to impose 25% tariffs on steel imports and 10% tariffs on imported aluminum products. Before a White House meeting with Israeli Prime Minister Benjamin Netanyahu, Trump suggested Mexico and Canada could be exempted from the planned tariffs if a new and “fair” North American Free Trade Agreement (NAFTA) is reached.
Mexican state-owned oil company Pemex reported a nearly US$18 billion fourth-quarter loss on Monday after both crude output and processing slid, though the company said refining levels should rebound as major maintenance plans are completed. The company posted a 352.3bn (US$17.9bn) peso loss for the last quarter of 2017, blaming a weaker peso exchange rate and higher financing costs for its performance, according to a filing with the Mexican stock exchange.
Mexican buyers imported ten times more corn from Brazil last year amid concern that NAFTA renegotiations could disrupt their U.S. supplies, according to government data and top grains merchants. Mexico is on track to buy more Brazilian corn in 2018, which would hurt a U.S. agricultural sector already struggling with low grains prices and the rising competitive threat from South America.
The campaign for Mexico's Jul 1 presidential election began in earnest on Sunday (Feb 18) as the country's top parties officially nominated their candidates, with all three front-runners trying to sell a message of change.
Mexico believes it can conclude a new free-trade agreement with the European Union before the end of February, Mexican officials have said. The EU and Mexico intend to update a trade deal agreed 21 years ago that largely covers industrial goods. They want to add farm products, more services, investment and government procurement, and include provisions on labor standards and environmental protection.