Mar 03, 2017 10:25 AM EST
Mexico economy minister Ildefonso Guajardo will meet with automaker executives Ford Motor Co. and General Motors Co. in Detroit after President Donald Trump vowed to exit NAFTA and impose tariffs. Guajardo will also meet with auto part makers operating in Detroit and Mexico.
Since the campaign period, Trump had been vocal with his plans of building a wall on the US southern border and tax goods from Mexico heading north if he wins the presidential seat. Unfortunately for Mexico, Trump is the most powerful president of the world today and it is fighting ways to prohibit the implementation of his promises. Mexico is, in fact, familiar with Trump's unpredictability and is not counting talks with the White House to save it from a possible trade war.
Instead, the southern half of North America aims to build support from companies and US states that rely on businesses in Mexico. This strategy will pressure the US president not to employ drastic measures. Foreign Minister Luis Videgaray said Mexico would only stay in NAFTA if it benefits the nation. The North American Free Trade Agreement, in short NAFTA, is a 1994 three-country trade accord between Canada, Mexico and the United States.
The goal of the agreement is to eliminate barriers to trade and investment among the three nations and, so far, the NAFTA has been a large net positive for Mexico. Videgaray also rejected the imposition of any tariffs or quotas. "Thanks to NAFTA, Mexico and Michigan have built a dynamic trade relationship," the ministry said in a news release statement. Notably, Mexico was Michigan's second biggest trade partner with more than US$12 billion in exports to the country last year.
Last week, the White House sent diplomat Rex Tillerson and Department of Homeland Security Secretary John Kelly to the south border to mend bad blood between the countries due to Trump's threats. Mexico discredited the effort when Trump described it as a military operation.
The French luxury group gains full control of the 70-year-old Parisian fashion house Christian Dior in a mammoth deal worth around €12.1 billion.
UK luxury fashion retailer Burberry posts lackluster set of results for its second half following an impressive result in the third quarter, a retail analyst stated.
What seemed like a perfect hacking operation turned out to be a failure as Kaspersky has spotted a mistake on the part of the Lazarus hackers. It found a brief connection that came from North Korea - proving their identity and origin.
A lawsuit has been filed by a Democratic political consultant and Fox News contributor on Monday alleging, among others, that Roger Ailes denied her of a permanent hosting job after she turned down his sexual advances.
South African leader, Jacob Zuma, has sacked finance minister Pravin Gordhan in a move that drove the country's currency down five percent in value. The president calls for a midnight reshuffle in his Treasury members who he felt were disloyal to his political intentions.
The US president has long promoted a change on how foreign businesses should run their operations - and that is to revive American manufacturing. Uniqlo head showed he didn't like being given an ultimatum by Trump.
Cemex, one of the world's largest cement producers, has not participated in the first round of bids that is currently underway but said it is open to providing quotes to supply the raw materials for Trump's promised border wall.
Arket, which means 'sheet of paper' in Swedish, will cater to a modern-day market with products for men, women, children and the home.
Amazon was one of the leaders in keeping online purchases tax-free. As the company moves to offer faster deliveries, it expanded its distribution centers and started collecting sales tax in more states.