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.
Currently, a driver of a UK-registered car is allowed to drive anywhere in the EU, the EEA (European Economic Area), Switzerland and Serbia, and not have to carry a green card that proves you have insurance cover.
President Trump on Friday announced the first concrete deal with China to come out of nearly three months of trade talks - a deal to prevent currency manipulation.
Europe's largest economy offered mixed signals on Friday that suggest it's down but not out.
New research finds that despite regulations, CEOs control information release and may do so for their own financial gain
Normally, it's good to believe in yourself. But research from Indiana University's Kelley School of Business indicates that it can be bad advice for amateurs investing online in unregulated, sometimes risky, equity crowdfunded ventures.
Nearly half of new moms and a quarter of new dads leave their full-time STEM jobs after they have their first child, according to a new study.
Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions from this April, the Wall Street Journal reported on Friday, citing people familiar with the matter.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.