Mexico’s government said it had reached an agreement with Brazil on the free trade of light vehicles, subject to a 40% regional content requirement, paving the way for more open commerce between Latin America’s two biggest economies.
The presidents of the United States and of Mexico and Canada's Prime Minister signed Friday in Buenos Aires the new North American trade agreement, known as the United States-Mexico-Canada Agreement (USMCA), which is to replace the NAFTA one.
US President Donald Trump confirmed on Wednesday that he had refused to meet Canadian Prime Minister Justin Trudeau on the sidelines of the UN General Assembly, accusing Canada of treating the United States very badly.
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 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.
Global trade conflicts triggered by the protectionist policies of US President Donald Trump are set to dominate this weekend's meeting of Group of 20 finance ministers in Buenos Aires.
Mexican oil output could return to 2 million barrels per day by about 2022 if the next government pursues plans to auction off development blocs to private investors, Energy Minister Pedro Joaquin Coldwell announced. Mexico will elect a new president on July 1 but the front-runner in opinion polls, leftist Andres Manuel Lopez Obrador, has threatened to delay opening up the energy sector to private investment.
President Donald Trump will delay imposing steel and aluminum tariffs on the European Union, Mexico and Canada until June 1 as he finalizes deals with them, the White House said in a statement. The administration has reached agreements-in-principle with Argentina, Australia and Brazil, according to the statement, which the White House released late Monday night.
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.