Mexico, US assess viability of trade deal before midterms
SPY•Mexico and the US are assessing whether they can reach a trade agreement before US midterm elections in early November. Mexico is seeking significant tariff reductions for its automotive, steel and aluminum industries.
1. Talks continue
Mexican President Claudia Sheinbaum said trade talks with the US are ongoing and both sides are assessing whether an agreement before the US midterm elections is feasible. She said the countries are making progress in areas where they can reach an agreement and strengthen both countries.
2. Tariff relief sought
Mexico is seeking a significant reduction in tariffs on its automotive, steel and aluminum industries. The countries are pursuing a temporary bilateral deal while negotiations with Canada continue over possible renewal of the trilateral USMCA trade agreement. Officials in both countries are hopeful of a deal before the November 3 elections, although there is no formal deadline.
