Big Red Car here on a cloudy Texas day. Don’t get me wrong, it’ll crack 100F, but it’s a little cloudy today.
So, the big news on trade coming out of Washington and Mexico City is that the US and Mexico have agreed on a “new” trade deal. Have they?
The new deal is a bi-lateral deal between the US and Mexico. Mexico is on the verge of inaugurating a new president (1 December 2018), so the timing is a little dicey. The outgoing Mexican President, Enrique Peña Nieto, will have to obtain approval from the Mexican legislature. He is more likely to be an ally given his long history with the negotiations.
President Trump, reiterating his historic disaffection with NAFTA, has taken to calling this bi-lateral agreement the US-Mexico Trade Agreement.