Incoming Mexican government has little room for error: adviser

11/16/2018 – Reuters

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REUTERS/Henry Romero

NEW YORK (Reuters) – An adviser to Mexican president-elect Andres Manuel Lopez Obrador sought on Thursday to reassure investors in New York, following weeks of upheaval in Mexican financial markets and doubts about the policies of the incoming left-leaning government.

Abel Hibert, an economic adviser to Lopez Obrador, acknowledged that financial markets were watching closely.

“We recognize that we have one opportunity to show responsibility in the elaboration of the next budget,” Hibert said to a crowd of investors at a business forum in New York.

“The design of the public budget will be very careful,” he said. “We don’t have room for mistakes.”

Markets were shook in recent weeks by announcements from the incoming administration that it would cancel a partly-built $13 billion Mexico City airport and limit bank commissions.

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Mexico’s President Elect Reaches Out to Business Elite

11/15/2018 – New York Times

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Photo by rawpixel.com on Pexels.com

MEXICO CITY — Mexico’s President-elect Andres Manuel Lopez Obrador has reached out to the country’s business elite, announcing the formation of a business advisory council including big names, especially in media.

Lopez Obrador said in a pre-recorded video circulated Thursday that he would meet with the council every couple months.

Lopez Obrador, who takes office Dec. 1, says Mexico needs the private sector’s support to generate jobs and grow the economy.

The leftist politician quickly moved to meet with business leaders to calm markets after his victory in July. Last month, Lopez Obrador roiled markets again by announcing the cancellation of the capital’s $13 billion airport project.

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Automaker groups warn U.S. tariffs will undermine new NAFTA deal

11/15/2018 – Reuters

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REUTERS/Lawrence Bryant

WASHINGTON (Reuters) – U.S. automakers and parts suppliers on Thursday warned that President Donald Trump’s steel and aluminum tariffs and threatened car tariffs would undermine the benefits of the new deal to modernize the North American Free Trade Agreement, causing widespread job losses.

At a wide-ranging hearing before the U.S. International Trade Commission, labor representatives said the new U.S.-Mexico-Canada Agreement (USMCA) fails to include adequate enforcement of labor standards, while Southeastern U.S. fruit and vegetable growers said it leaves them vulnerable to subsidized Mexican competition.

The testimony will feed into a study by the commission on the economic impact of the trade deal reached on Sept. 30, which could heavily influence support for it in the U.S. Congress. A vote on the pact is not expected until the spring of 2019, following a lengthy consultation process.

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RPT-Elon Musk’s ‘Teslaquila’ drink faces clash with Mexican tequila industry

11/14/2018 – Reuters

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Reuters/Carlos Jasso

MEXICO CITY, Nov 13 (Reuters) – Tesla Inc co-founder Elon Musk and Mexico’s tequila producers could be headed for a collision after the agave-based drink’s industry group opposed the flamboyant billionaire’s efforts to trademark an alcoholic drink dubbed “Teslaquila.”

One of the world’s richest people and chief executive of Tesla, Musk is known for ambitious and cutting-edge projects ranging from auto electrification and rocket-building to high-speed transit tunnels.

Now it seems that Musk could be setting his sights on disrupting the multibillion-dollar tequila industry.

On Oct. 12, he tweeted “Teslaquila coming soon” and an accompanying “visual approximation” of a red and white label with the Tesla logo and a caption that stated “100 percent Puro de Agave.”

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Former President of Mexico Warns of US Trade Policy

11/13/2018 – The New York Times

3488072293_df9267d1f9_b.jpgBy the Associated Press 

PROVIDENCE, R.I. — A former president of Mexico warned of the possible consequences of U.S. trade policy during a lecture at Brown University in Rhode Island.

The Providence Journal reports that Ernesto Zedillo said Monday a trade war with China could reach “epic proportions, with irreversible damage.”

He also criticized the attempts to renegotiate the North American Free Trade Agreement and the Trans-Pacific Partnership, saying the new provisions of the latter were “damaging to American interests.”

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U.S., Mexico, Canada ministers to sign trade pact Nov. 30, official says

11/09/2018 – Reuters

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FILE PHOTO: Canadian Foreign Minister Chrystia Freeland, Mexican Economy Minister Ildefonso Guajardo and U.S. Trade Representative Robert Lighthizer at NAFTA talks in Mexico City, Mexico March 5, 2018. REUTERS/Edgard Garrido/File Photo

MEXICO CITY (Reuters) – Cabinet ministers from the United States, Mexico and Canada will sign a new trade agreement on Nov. 30, Mexico’s economy minister said on Thursday.

The deal will be signed in Buenos Aires, Argentina, the Mexican Economy Minister Ildefonso Guajardo told reporters at an event in Mexico City. Argentina is hosting the G20 international forum for governments and central bank governors.

It was yet to be determined whether the presidents and prime minister will participate in the signing, Guajardo said.

“What’s clear is that the signing will take place on Nov. 30,” Guajardo said.

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Canada says it has no particular concerns over trade deal after U.S. vote

11/7/2018 – Reuters

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REUTERS/Edgard Garrido/File Photo/File Photo

OTTAWA (Reuters) – Canada has no particular concerns over the fate of a new continental trade deal after U.S. elections that gave Democrats control of the House of Representatives, a senior official said on Wednesday.

Some U.S. commentators are already predicting the U.S.-Mexico-Canada (USMCA) pact – agreed in late September – could face problems when the new House convenes in January, given skeptical comments from sections of the Democratic Party about the benefits of the deal.

Andrew Leslie, parliamentary secretary to Canadian Foreign Minister Chrystia Freeland, indicated he was not worried when asked about ratification of the treaty.

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