Mexico announces import duties on steel products for six months

Reuters 9/30/2015

via Flickr - Dave Parker
via Flickr – Dave Parker

Mexico on Tuesday announced new levies for six months to protect its steel industry from a flood of low-priced imports from countries including China.

A 15-percent increase in the duties would apply to five types of products including cold-rolled steel, hot-rolled steel, wire rod, steel sheet and plate from countries that do not have free trade agreements with Mexico, the economy ministry said.

China does not have such an agreement with Mexico.

Mexico said earlier this month it would investigate whether China was dumping steel wire rod into the country following a request from three firms which complained cheap imports were hurting the local industry.

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Why is Mexico an international call? The telecom industry finally notices that Mexico isn’t that far away

Houston Chronicle 9/21/2015

cell phones 2Even as candidates vying for the nomination of the party associated with big business call for walls separating us from our supposedly scary southern neighbor, big business itself is treating Mexico more as an organic extension of the U.S. market, and less as a foreign country.

This has long been true in how companies treat their U.S. and Mexico manufacturing operations as part of one integrated supply chain. And now consumers are on the verge of benefiting from a more tangible indication of corporate America’s embrace of Mexico. In a move that will save travelers, immigrants and cross-border businesses a fortune, telephone companies are rushing to acknowledge that Mexico isn’t just another foreign country, but part of our North American home.

In July, T-Mobile announced its “Mobile Without Borders” initiative, under which most of its plans will cease treating Canada and Mexico as foreign markets. If you are in Los Angeles and your mother is in Guadalajara, you can now call or text her using the same minutes or flat rate you have to call your friends across town, or in neighboring states. If you are an American businessman in Mexico City or a tourist in Cancun, bring your phone, and use it down there as you would on a trip to Chicago. No more fumbling with separate SIM cards or astronomical roaming charges — or feeling disconnected.

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Fiat Chrysler workers mull pact that moves work to Mexico

USA Today 9/21/2015

Border - Roadsign pointing between Nogales, mexico and TucsonBuilding more cars in Mexico.

It’s a flash point for about 40,000 production employees represented by the United Auto Workers union preparing to vote on a tentative agreement with Fiat Chrysler Automobiles, knowing the new four-year pact includes pay increases, profit sharing and bonuses but also shifts car production to plants south of the border.

It raises the question: Is Mexico to be feared as a low-cost producer that steals jobs? Or is it the low-cost producer best-suited to assemble lower-profit vehicles, freeing up money to pay U.S. workers higher wages to build trucks and utility vehicles in the U.S.?

The UAW and Fiat Chrysler reached a tentative agreement Tuesday night that puts more money in workers’ pockets and invests $5.3 billion to update plants. The investment is part of the automaker’s five-year product plan and involves shifting the geography of where many Chrysler, Dodge, Ram and Fiat vehicles are made.

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Mexico to slash spending by $5.8bn

9/9/2015 Financial Times

energy- oil pumps 2Mexico plans to cut spending by another $5.8bn in 2016, finance minister Luis Videgaray said on Tuesday, after its economy was buffeted by tough global economic conditions and especially the drop in oil prices.

A 2016 budget package, which he submitted to Congress, reduces spending by 1.15 per cent of gross domestic product compared with the 2015 package — a total of 221bn pesos ($13bn). Mr Videgaray said that more than half of the budgetary belt-tightening had already happened — amid falling oil prices, Mexico’s main budgetary problem, the government announced a pre-emptive 124bn peso austerity drive in January.

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Abbott’s meeting with Mexican president stresses the positive as trip wraps up

8/9/2015 Dallas News 

Bernardo Montoya/Reuters
Bernardo Montoya/Reuters

MEXICO CITY — President Enrique Peña Nieto welcomed Gov. Greg Abbott to the presidential mansion Tuesday and vowed to work with Texas to improve border security and generate more jobs through the energy sector, but he also reminded his guest of the contributions made by Mexicans in the Lone Star State.

The two men exchanged pleasantries and gifts — a jersey from Mexico’s national soccer team for Abbott, a crystal vase with the Texas seal for Peña Nieto. Abbott also invited the president to visit Texas in the coming months. But beyond the warm welcome, prickly issues — largely avoided through a carefully controlled agenda during the three-day visit — didn’t disappear completely.

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Texas Gov. Abbott to Visit Mexico to Mend Fences, Talk Trade Amid Strained Ties

8/25/2015 The Dallas Morning News

Greg_Abbott_by_Gage_SkidmoreGov. Greg Abbott is expected to visit Mexico City on Labor Day weekend, his first trip abroad as governor, and will lead a delegation of Texans eager to move forward amid turbulent times between once-solid neighbors, The Dallas Morning News has learned.

The agenda is still being fleshed out for the first trip to Mexico by a Texas governor since 2007, but people familiar with the matter say the visit is aimed at mending fences and underscoring the economic, cultural and political integration between Texas and its southern neighbor, an important trading partner.

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China ‘Black Monday’ And Latin America: Brazil, Venezuela, Mexico Among Economies Showing Anxiety After Stock Market Meltdown

8/24/15 International Business Times

5504964078_df874cacb5_zAs the plunge in Chinese stocks rattles global financial markets, Beijing’s economic slowdown is stoking fears of more dismal times to come for Latin America’s sluggish economies, many of which have come to rely increasingly on China as a financial lifeline. If the recent tumult in global financial markets is an indicator of deeper economic problems in China, that could have serious reverberations in Latin American countries in the months to come, analysts said.

Latin American stocks were not excluded from Monday’s massive selloff in financial markets that caused stocks to plunge to dramatic depths in Asia and Europe. Brazilian stocks fell Monday by more than 5 percent, with the benchmark Bovespa stock index dropping to a six-year low. Brazilian, Chilean, Colombian and Mexican currencies also have tumbled steeply in the past year amid trepidation over China’s economy.

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