Economists Say Nafta’s Collapse Would Hurt the Economy, With Mexico Hit Most

10/19/2017 Bloomberg

NAFTAThe collapse of the North American Free Trade Agreement would likely damage yet not derail the continent’s economy and business models of global corporations.

That’s the conclusion of economists trying to envisage life after the 23-year-old accord as increasingly tense negotiations over how to revamp it fuel speculation that President Donald Trump will follow through on his threat to withdraw.

Without Nafta, the U.S. and Mexico would charge each other the higher tariffs they now levy on other members of the World Trade Organization. Those run as high as 7 percent on average in Mexico and 3.5 percent in the U.S., although Canada and America may be able to fall back on a pre-Nafta free-trade deal.

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What Sectors Lose With No Nafta Deal
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Mexico Braces for the Possible Collapse of Nafta

10/16/2017 The New York Times

flags 3 countriesMEXICO CITY — Mexico is steeling itself for the increasing possibility that the United States will pull out of the North American Free Trade Agreement, envisioning how the Mexican economy would adapt without the deal that has guided relations between the neighbors for a quarter-century.

Since President Trump’s election victory, Mexico has put negotiations for new or updated trade deals with other countries on a fast track, seeking markets for its exports and new suppliers.

President Enrique Peña Nieto recently traveled to China to discuss trade, among other issues; Mexico is a member of the Trans-Pacific Partnership trade accord.

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Mexico lawmakers to propose raising 2018 budget after quakes: report

10/19/2017 Reuters

mexican flagMEXICO CITY – A committee in Mexico’s lower house will propose changing a draft of next year’s government budget by raising forecasts for oil prices and the exchange rate to help pay for reconstruction after recent earthquakes, a Mexican newspaper reported on Wednesday.

The finance committee in the lower house of Congress agreed to suggest raising oil price assumptions in the fiscal plan to $48.50 per barrel from $46 and the exchange rate to 18.4 pesos per dollar from 18.1 in the draft budget, according to La Jornada.

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Invasive ‘Devil Fish’ Plague Mexico’s Waters. Can’t Beat ‘Em? Eat ‘Em

10/18/2017 NPR 

Caribbean reef with fishPez diablo: “devil fish.” That’s what locals in the Mexican state of Tabasco call the armored catfish that has invaded their waters.

Also known as suckermouths, the species is popular with aquarium owners because the fish eats the algae that pollute tanks. But in the wild, that same behavior erodes shorelines and devastates underwater plant life.

A Mexican social enterprise called Acari is trying to do something about it — by creating a taste for these aquatic terrors.

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Mexico insists reform of Nafta trade deal must suit all sides

10/18/2017 Financial times

24mexico1-master768A renegotiated trade deal between the US, Mexico and Canada must be politically acceptable to all sides, Mexico’s foreign minister said as he warned that a breakdown of the increasingly bitter talks to replace the North American Free Trade Agreement would disrupt the global trade order. “All three countries want to continue the talks, but we have important differences. Are these differences impossible to resolve? We don’t know,” Luis Videgaray said in an interview with the Financial Times. He stressed that the “core problem” was the US’s demand that any new Nafta deal should reduce the US’s roughly $70bn a year trade deficit with Mexico.

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Mexico’s Pemex fires warehouse workers for oil theft

pemex10/17/2017 Reuters

MEXICO CITY  – Mexican state oil company Petroleos Mexicanos (Pemex) said on Tuesday it would rescind contracts held by several workers at a warehouse and distribution center in the central state of Guanajuato as part of a strategy to combat oil theft.

A Pemex official, who spoke on the condition of anonymity, said that four workers were let go for links to oil theft from the center in the city of Salamanca, where Pemex also has a refinery that can process 245,000 barrels per day of crude.

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Mexico, Japan to Accelerate Effort to Salvage TPP Without U.S.: Mexico Economy Minister

10/17/2017 New York Times

sea tradeWASHINGTON — Mexico and Japan have committed to accelerating a possible Trans-Pacific Partnership (TPP) between 11 signatory countries, but without the United States, Economy Minister Ildefonso Guajardo said on Tuesday.

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