U.S., Mexico nearing deal on sugar trade: Mexican economy minister

6/6/2017 Reuters

Workers sit next to bags containing sugar at the San Francisco Ameca sugar factory in the town of Ameca
REUTERS/Alejandro Acosta/Files

The United States and Mexico are close to announcing a sugar trade deal that will avert steep U.S. duties on Mexican sugar imports and clear a major obstacle from renegotiation of the NAFTA trade agreement, Mexican Economy Minister Ildefonso Guajardo said on Tuesday.

The deal, which was still coming together on Tuesday morning, will reduce the share of refined sugar that Mexico can export to the United States but maintain Mexico’s overall access to the U.S. sugar market, Guajardo said on Mexican radio.

Guajardo told CNBC earlier on Tuesday that he and U.S. Commerce Secretary Wilbur Ross would “probably” be announcing an agreement at a news conference scheduled for 1:45 p.m. (1745 GMT) at the U.S. Chamber of Commerce in Washington.

An agreement would help avoid potential retaliation from Mexico on imports of U.S. high-fructose corn syrup, a trade battle that would heighten U.S.-Mexico tensions as both countries along with Canada prepare to begin renegotiating the 23-year-old North American Free Trade Agreement in August.

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