Mexican Media Brands
Congress Not Likely to Vote on NAFTA This Year
The U.S. Congress isn’t likely to vote on a proposed update to the North American Free Trade Agreement until early next year.
#economics
Share
The U.S. Congress isn’t likely to vote on a proposed update to the North American Free Trade Agreement until early next year.
Senate Majority Leader Mitch McConnell tells Bloomberg News an earlier vote isn’t likely because of the many details and procedures to complete the treaty. “My trade adviser say you can’t possibly do it” sooner, he says.
The delay raises the possibility that the pact—renamed by President Donald Trump as the U.S.-Mexico-Canada Agreement—could be reopened. That might happen if Democrats win a majority of seats in the House of Representatives during the midterm elections on Nov. 6.
But some senators caution that passage isn’t guaranteed by the Senate either, even though Republicans are expected to retain majority control.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.