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Foreign automaker stocks slide on Trump tariff fears
  + stars: | 2024-11-06 | by ( Michael Wayland | ) www.cnbc.com   time to read: +3 min
Brian Snyder | ReutersDETROIT — Stock prices of foreign automakers, including Chinese and German manufacturers, fell sharply on Wednesday amid concerns the U.S. will hike tariffs on imported vehicles under President-elect Donald Trump. European-traded shares of BMW and Mercedes-Benz were off around 6.5%, while Porsche was down by 4.9% and Volkswagen declined 4.3%. Trump has repeatedly said he will increase tariffs on many products, including new cars and trucks from China, Europe and Mexico, where many automakers, including Europeans, have established manufacturing hubs. U.S.-traded shares of Japanese automakers Toyota Motor and Honda Motor also were down during intraday trading by roughly 1% and 9%, respectively. However, they still heavily rely on imports from other countries, including Mexico, to meet U.S. consumer demand.
Persons: Donald Trump, Sarah Huckabee Sanders, Brian Snyder, Donald Trump ., Li Auto, Nio, Trump, aren't, Shinji Aoyama, Aoyama, Stellantis Organizations: Arkansas, Reuters DETROIT —, BMW, Mercedes, Benz, Porsche, Volkswagen, Japanese, Toyota Motor, Honda, Nissan Motor, General Motors, Ford Motor, Chrysler, Toyota, Hyundai, Kia, Mazda, American Free Trade Locations: Flint , Michigan, U.S, China, Europe, Mexico, United States, Canada
Electric vehicles, trade, tariffs, China, emissions regulations and labor are among the top issues automakers are monitoring, according to industry executives and policy experts. Harris vs. TrumpOfficials expect a Harris victory to be a continuation, but not a copy, of the past four years under Biden. Republican presidential nominee and former U.S. President Donald Trump speaks as he visits a campaign office in Hamtramck, Michigan, U.S. October 18, 2024. Republicans, led by Trump, have largely condemned EVs, saying that they are being forced upon consumers and that they will ruin the U.S. automotive industry. LaborOf the many issues regarding the automotive industry, officials who spoke to CNBC were nearly unanimous regarding labor: They're concerned a Harris win would continue to mean increased power for organized labor.
Persons: Bill Pugliano, Kamala Harris, Donald Trump, Joe Biden, Harris, Jefferies, Philippe Houchois, Biden, Shawn Fain, Drew Angerer, Brian Snyder, , Elon Musk's, Trump, Pablo Di Si, EVs, Harris hasn't, Peter Rawlinson, Rawlinson, That's, Trump's, USMCA, Mary Barra, hasn't, Fain Organizations: Ford, Ford Dearborn Plant, Getty, DETROIT, Motor, Great, Trump, CNBC, Trump Officials, United Auto Workers, Democratic, International Union of Painters, AFP, Republican, Reuters, Motors, Ford Motor, Chrysler, EV, Lucid, Tesla, California Air Resources, D.C, District of Columbia, Alliance for Automotive Innovation, U.S . Officials, IRA Electric, Volkswagen Group of America, Automotive, Republicans, Environmental Protection Agency, . North, North American Free Trade, Jefferies, Labor, Democratic National Convention, UAW Locations: Dearborn , Michigan, Michigan, Motor City, Great Lakes State, China, Macomb , Michigan, California, Hamtramck , Michigan, U.S, Detroit, Washington , Oregon, New York, Washington, . North American, United States, Mexico, Canada, American
CNN —Former President Donald Trump and Vice President Kamala Harris have laid out a broad array of ideas aimed at making life more affordable and strengthening the economy, which rank at the top of voters’ concerns. Both Trump and Harris have rolled out pricey provisions without specifying how they would cover the cost. Though his campaign hasn’t released details on the proposal, Trump has indicated that he would eliminate both federal income taxes and payroll taxes, which fund Social Security and Medicare. Around half of beneficiaries – mainly those with higher incomes – pay federal income tax on their Social Security payments. Harris’ plan would also accelerate the speed of Medicare’s drug price negotiations so that the costs of more medications come down faster.
Persons: Donald Trump, Kamala Harris, hasn’t, Harris, Harris ’, Trump, Joe Biden’s, Biden, Sen, JD Vance, Trump’s, ” Harris, USMCA, ” Trump, He’s, Elon Musk, John Deere, ” Vance Organizations: CNN, Trump, Yale University, Security, Social Security, Center, Social, Rescue, Medicare, GOP, Biden, Republican Party, ” Invest, America, Federal Reserve, American Locations: Nevada, Las Vegas, Mexico, Canada, Texas, Florida, Harris, Midwest
USMCA: Trump wants to renegotiate his own trade deal
  + stars: | 2024-10-14 | by ( Katie Lobosco | ) edition.cnn.com   time to read: +2 min
Washington CNN —Former President Donald Trump is once again pledging to save American manufacturing and bring back jobs by rewriting a trade agreement with Mexico and Canada. But this time, instead of replacing the North American Free Trade Agreement, known as NAFTA, which he has often described as the “worst trade deal ever made,” he wants to renegotiate his own trade deal. When asked by Fox News’ Maria Bartiromo in an interview that aired Sunday about his plan to renegotiate the USMCA, Trump said it would not undermine the deal he put together. Harris also wants to review the USMCAVice President Kamala Harris has also said she would use the USMCA review process. The trade deal created sweeping new benefits for the technology sector, in a chapter on digital trade that wasn’t part of the original NAFTA.
Persons: Donald Trump, , Trump, ” Trump, Maria Bartiromo, , Harris, Kamala Harris, USMCA Organizations: Washington CNN, North American Free Trade, , Detroit Economic Club, Fox News, Democratic, NAFTA Locations: Mexico, Canada, USMCA, North America
CNN —Former President Donald Trump unveiled yet another set of targeted tax break proposals on Thursday, doling out more promises of relief as Election Day draws ever closer. Speaking before the Detroit Economic Club on Thursday, Trump promised to make the interest paid on car loans fully tax deductible, similar to the popular existing deduction for mortgage interest. They raped our country.”One tax expert questioned why Trump would limit the benefit just to car loans. “Once and for all, I’m going to end double taxation on our overseas citizens,” he said in a video released Thursday. Currently, some Americans living abroad must pay taxes to both the United States and to the country where they reside.
Persons: Donald Trump, doling, Trump, , , Howard Gleckman, ” Gleckman, “ You’ve, Kamala Harris, CNN’s Ali Main Organizations: CNN, Detroit Economic, NAFTA, Trump, Brookings Tax, Security, Congress, Committee, Budget Locations: Michigan, Mexico, Canada, Shanghai, Sterling Heights, , United States
Trump, more so than any American president in modern history, has directly targeted individual US businesses, threatening them with everything from boycotts and canceled federal contracts to unthinkably high tariffs. Deere, the farm equipment maker founded nearly 200 years ago, became just the latest storied brand to get singled out by Trump. Bigger picture, the attack on Deere fits a broader pattern of Trump bullying companies when it suits him. “John Deere is an outstanding company. “Ultimately, it would lead to fewer sales, less revenue, less growth and fewer employees for John Deere,” said McDaniel, now a senior research fellow at George Mason University’s Mercatus Center.
Persons: New York CNN —, John Deere, they’ve, Donald Trump, Trump, “ Trump, Bill George, , Nordstrom, Ken Frazier, Donald J, Trump’s, Julian Zelizer, Harry Truman, John F, Kennedy, Teddy Roosevelt, , Zelizer, ” Zelizer, ’ Trump, “ I’m, we’ll, ” Trump, George, “ John Deere, ” Christine McDaniel, George W, Bush, Deere, McDaniel, George Mason University’s, Billionaire Mark Cuban, Kamala Harris, Washington, Mary Lovely, ” Lovely Organizations: New, New York CNN, New York CNN — Apple, General Motors, Facebook, Trump, Deere, CNN, White, Apple, San Bernardino, FBI, US Postal Service, Boeing, Air Force, Motors, Merck, Meta, CNBC, Google, Princeton University, Harvard University, Center, Billionaire, Fox News, Street Journal, Peterson Institute for International Economics Locations: New York, Midwest, Mexico, San, Charlottesville , Virginia, United States, Pennsylvania, American, North America, Canada
Now, trade economists say Trump's latest trade threat makes no sense. I love the company, but as you know, they've announced a few days ago that they're going to move a lot of their manufacturing business to Mexico," Trump said at Monday's event. AdvertisementJohn Deere is the latest company to face a threat of tariffs from Donald Trump. It's not the first time Trump has threatened companies and Trump's threat to impose large tariffs on imports also isn't new. Trump's tariff goals going into the next election go beyond his former policy on international imports.
Persons: , Donald Trump, John Deere, they've, Trump, Jonathan W, Coppess, Ian Sheldon, Sheldon, Gary Hufbauer, Hufbauer, Rick Wilking, he's, Trump's, we're, Nicole Bivens Collinson, Sandler, Travis, Rosenberg, Collinson, " Collinson, Kamala Harris Organizations: Service, Business, Fox Business, Republican, University of Illinois, Agricultural Marketing, Trade, The Ohio State University, Peterson Institute for International Economics Locations: Mexico, Smithton , Pennsylvania, Iowa, United States, University of Illinois Urbana, Champaign, Canada, North America, Central America, South America, Georgia, China
Patrick T. Fallon | AFP | Getty ImagesNew data shows a surge in trade between China and Mexico at a time of tough tariff talk during the presidential campaign. This nearshoring of manufacturing enables companies to change a product's origin of goods, also referred to as the "economic nationality" of a product. Data from freight analytics firm Xeneta shows China to Mexico container trade up by 26.2% from January to July 2024, after growing by 33% in 2023. Mexico is also a member of the Pacific Alliance, a trade bloc formed by Mexico, Chile, Colombia, and Peru. "Bilateral tariffs should be expected to lead to trade diversion, and that's exactly what happened in the aftermath of the trade war.
Persons: Patrick T, Fallon, Jordan Dethwart, Mary Lovely, Anthony Solomon, Simon Cohen, Peter Sand, Donald Trump, Trump, John Piatek, Biden, Piatek, Lovely, Moody's, Elon Musk, Musk, Tesla, Sand, Charles Van der Steene, Van der, Mexico —, Freightos, Erica York, York, Tim Robertson, Ian Arroyo, Arroyo, Saul Loeb Organizations: El, El Paso Sector, AFP, Getty, U.S, Companies, Peterson Institute for International Economics, Henco Logistics, European Union, European Free Trade Area, Pacific Partnership, Pacific Alliance, GEP, Motive, BMW, Ford, GM, Kia, gigafactory, Volvo, Pirelli, Michelin North America, Hyundai, SFK USA, Maersk, Bureau of Transportation Statistics, CNBC, United, Pacific, Port, U.S ., ITS Logistics, Tax, DHL Global, Dana, Afp Locations: El Paso, Mexico, New Mexico, Chihuahua, Sunland Park , New Mexico, China, Redwood Mexico, United States, Canada, U.S, Japan, Israel, Latin America, Chile, Colombia, Peru, USA, propping, Laredo , Texas, El Paso , Houston, San Diego, Monterrey, Fremont , California, Austin , Texas, Americas, Mexican, Monterrey . Mexico, East, lading, Maersk North America, Tijuana, El Paso , Texas, Pacific Coast Port, Lazaro, Laredo, Monterrey , California, U.S . West, U.S . East, Gulf, West Coast, Asia, Mexico City, Warren , Michigan
Last year, China was the leading car supplier to Mexico, exporting $4.6 billion worth of vehicles to the country, according to the Mexican Ministry of Economy. "The Chinese automakers came to the country very aggressively," said Juan Carlos Baker, former Mexican deputy minister for international trade. That free trade access is part of the United States-Mexico-Canada Agreement (USMCA), a revised iteration of the North American Free Trade Agreement (NAFTA) that removed tariffs on many goods traded between the North American countries starting in 2018. "We've seen China do this in other types of manufacturing as well, from appliances to auto parts to steel," said Paul. Watch the video to learn more about how Mexico has become a hot spot for Chinese auto companies and how the next administration may impact EV trade policies.
Persons: BYD, Juan Carlos Baker, Scott Paul, We've, Paul, Michael Dunne, Dunne, Joe Biden, it's Organizations: Mexican Ministry of, Nuevo, Alliance for American Manufacturing, North American Free Trade, North Locations: U.S, Mexico, Washington, China, North America, Mexican, Durango, Jalisco, Nuevo Leon, United States, Canada, America
In a 2019 presidential debate, Kamala Harris insisted, “I am not a protectionist Democrat.”But Ms. Harris is not a free-trade Democrat, either. And in 2020, she was one of only 10 senators to vote against the deal to replace NAFTA, the United States-Mexico-Canada Agreement. As she pursues the presidential nomination, Ms. Harris’s views on trade and economic issues are likely to become a focal point. Yet unlike former President Donald J. Trump and his running mate, JD Vance, trade has never been a major focus for Ms. Harris. As a result, her positions on trade issues are not entirely known.
Persons: Kamala Harris, , Harris, Biden, Obama, Donald J, Trump, JD Vance, William A, Harris “, Reinsch, “ there’s, Organizations: North American Free Trade, Senate, Pacific Partnership, Business, Center for Strategic, International Studies Locations: United States, Mexico, Canada
Over the past few years, as major manufacturers have announced plans to ramp up production in Mexico, labor unions have raised concerns that American jobs will be sent abroad. Now, the concerns have prompted the United Automobile Workers union, a prominent backer of President Biden, to criticize an administration decision not to pursue accusations of labor abuses by a Mexican subsidiary of Caterpillar, the agriculture equipment maker. In late June, the administration informed a group of unions that it would not pursue a complaint that the subsidiary had retaliated against striking union members by making it difficult for them to find alternative employment, a form of blacklisting. The government’s ability to police such violations, under a provision of the United States-Mexico-Canada Agreement, the successor to the North American Free Trade Agreement, is meant to reduce the incentive for American employers to move jobs to Mexico in search of weaker labor protections. argues that, by declining to use its authority under the trade agreement in this case, the Biden administration may be encouraging companies to relocate work.
Persons: Biden Organizations: United Automobile Workers, Caterpillar, North American Free Trade Locations: Mexico, Mexican, United States, Canada
A second Trump presidential term poses a risk to Mexico's status as the US's top trade partner. According to Capital Economics, Trump 2.0 threatens Mexico's newly gained status. In a Tuesday note, Capital Economics strategists said much of the impact would hinge on whether the US-Mexico-Canada Agreement (USMCA) deal remains intact. To Capital Economics, Mexico is one of the most vulnerable emerging markets as far as repercussions to this potential move. Mexico's trade with the US accounts for about one-third of its GDP.
Persons: Trump, , Donald Trump, USMCA Organizations: Trump, Capital Economics, Service, Capital, North America Free Trade, US Alliance of Automobile Manufacturers Locations: Mexico, China, Canada, US, shoring
Read previewNew data released Wednesday by the Commerce Department showed that in 2023, Mexico was the leading source of goods imported to the US — ahead of China for the first time in over 20 years. Mexico surpassing China as America's top trade partner signals a significant shift in global commerce dynamics. Chinese imports fell 20% in the same time period, to $427.2 billion, just slightly above Canada. Additionally, the value of Chinese imports remained above the value of Mexican imports from 2002 until this most recent data. More than a third of US imports — valued over $3 trillion — come from Mexico, China, and Canada.
Persons: , Joe Biden, Mexico Andres Manuel Lopez Obrador, HECTOR VIVAS, Biden, CLAUDIO CRUZ, Tesla, JULIO CESAR AGUILAR Organizations: Service, Commerce Department, Business, Trump, New York Times, Foreign, Investment, Automobiles, Getty Images, Bloomberg Locations: Mexico, China, Canada, Trade, South Korea, India, Vietnam, United States, Monterrey, Nuevo Leon, Getty Images Mexico, Nuevo León
The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). 1," a shipping carrier vessel intended to export BYD vehicles, at Yantai port in eastern China's Shandong province in January. BYD Mexico did not respond to a request for comment. “The US government is not going to like that Mexico is creating a back door.”A BYD electric vehicle, operated by Vemo taxi, in Mexico City in November. But as it continues to grow overseas, BYD will have to take a more localized approach, analysts say.
Persons: Warren Buffett, Tesla, BYD, Viktor Orbán’s, Yucatán, what’s, Elon Musk, Tu Le, carmaker, Hungary —, Matthias Schmidt, , , Schmidt, Bill Russo, it’s, Le, Mariceu Ethrall, It’s, “ It’s, ‘ We’re, ’ ”, Stella Li, México, ” Li, Wang Chuanfu, BYD “, Russo, they’ve, ” Russo Organizations: Hong Kong CNN, Xinhua, Getty, CNN, Tesla, BMW, Audi, European Union, Schmidt Automotive Research, EV, European Commission, Bloomberg, BYD, El Locations: Hong Kong, China, Europe, BYD, Shenzhen, Germany, Netherlands, Hungary, Mexico, North America, China's Shandong, Szeged, Komárom, France, Shanghai, Hungarian, United States, Canada, Mexico City, Mexican, Dutch, Rotterdam, California, Brazil, Indonesia, Thailand, Uzbekistan, Macao, Taiwan, Japan, what’s
“We have warned for years that either the United States would write the rules for digital trade or China would,” Senator Mike Crapo, a Republican from Idaho, lamented in a press statement. That paper explains how U.S. trade officials came to champion a digital trade policy agenda that was nearly identical to what Google, Apple and Facebook wanted: No restrictions on the flow of data across borders. No laws that would curb monopolies or encourage more competition — a position that is often cloaked in clauses prohibiting discrimination against American companies. Many smaller tech companies complain that big players engage in monopolistic behavior that should be regulated. A group of smaller tech companies called the Coalition for App Fairness thanked Ms. Tai for dropping support for the so-called tech-friendly agenda at the World Trade Organization.
Persons: Mike Crapo, Biden, Tai, Wendy Li, Ms, Li, Henry Gao Organizations: Republican, Facebook, Google, University of Wisconsin, Trump, Microsoft, Apple, Coalition, World Trade Organization Locations: China, United, Idaho, Madison, United States, Mexico, Canada, Washington, Singapore
The halt comes after the U.S. Trade Representative's office last month reversed longstanding U.S. digital trade demands at the World Trade Organization -- no longer insisting on rules that protect free cross-border data flows and prohibit national requirements for data localization and reviews of software source code. The U.S. Trade Representative's office said it withdrew its position to give Congress room to enact stronger technology regulations. "We thank you for suspending negotiations on aspects of the IPEF digital text that can be used to frustrate privacy, AI, civil rights and liberties, anti-monopoly, gig worker and other digital safeguards that Congress and the administration seek," the lawmakers wrote. People familiar with the talks say that discussions on the digital trade chapter have largely ground to a halt because the U.S. position is now unclear and being reevaluated. A USTR spokesperson declined comment on the IPEF digital talks.
Persons: Elizabeth Warren, Julia Nikhinson, Biden, IPEF, Amy Klobuchar, Pramila Jayapal, David Lawder, Leslie Adler Organizations: Intelligence, U.S, Capitol, REUTERS, Rights, Democratic, U.S . Trade, World Trade Organization, Representatives, Commerce Department, Asia Pacific Economic Cooperation, Tech, Thomson Locations: Washington , U.S, U.S, Mexico, Canada, IPEF, San Francisco, Asia, China
U.S. Trade Representative Katherine Tai speaks during the Axios BFD event in New York City, U.S., October 12, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 25 (Reuters) - U.S. Trade Representative Katherine Tai has dropped longstanding U.S. digital trade demands in World Trade Organization talks in order to give Congress room to regulate big tech firms, her office said on Wednesday. USTR spokesman Sam Michel said many countries were examining their approaches to data and source code, and how trade rules can affect them. "We need to make clear that digital rules favoring Big Tech monopolies are a non-starter for the U.S. in any trade agreement, including IPEF,” she said. "These digital trade rules prevent countries around the world from using regulation to lock out American companies and their workers from their markets," said John Murphy, the Chamber's senior vice president for international policy.
Persons: Katherine Tai, Brendan McDermid, Trump, Biden, Ron Wyden, ", Wyden, Sam Michel, Michel, Elizabeth Warren of Massachusetts, Tai, , USTR, John Murphy, David Lawder, Diane Craft Organizations: Trade, REUTERS, Rights, . Trade, Trade Organization, U.S, Reuters, Prosperity, WIN, Oregon Democrat, Senate Finance Committee, Congress, Intel, Democratic, Big Tech, . Chamber, Commerce, Thomson Locations: New York City, U.S, Geneva, CHINA, China, Australia, Japan, Korea, Oregon, United States, Mexico, Canada
Members of the Liga Obrera Sindical Mexicana (Mexican Workers Union League) talk outside the VU Manufacturing auto parts plant in Piedras Negras, Mexico, August 31, 2022. In March, the U.S. and Mexico pledged to oversee VU Manufacturing carry out a series of commitments to remain neutral in union affairs and allow workers to freely organize. VU Manufacturing, an unlisted company based in Michigan, did not immediately respond to a request for comment. The Department of Labor urged Mexico to prevent retaliation against former VU workers as they seek new jobs, and to ensure VU makes timely payments to dismissed workers. Reporting by Daina Beth Solomon in Mexico City Editing by Kylie Madry and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Daniel Becerril, Thea Lee, Lee, Daina Beth Solomon, Kylie Madry, Matthew Lewis Organizations: Liga, Mexicana, Mexican Workers Union League, VU, REUTERS, MEXICO CITY, U.S . Department of Labor, VU Manufacturing, Department, Labor, Thomson Locations: Piedras Negras, Mexico, MEXICO, Mexican, States, Canada, U.S, Michigan
House Majority Leader Rep. Steny Hoyer (D-MD) and House Speaker Nancy Pelosi (D-CA) walk from the House floor where members debate the United States-Mexico-Canada Agreement (USMCA) to the speaker's office in the U.S. Capitol on December 19, 2019 in Washington, DC. WASHINGTON — Republican leaders abruptly evicted two high-profile Democrats from their longtime Capitol hideaway offices without explanation after the House removed Kevin McCarthy as its speaker. Former House Speaker Nancy Pelosi and ex-Majority Leader Steny Hoyer were both told that their small but coveted second offices within the Capitol will be "re-assigned," NBC News confirmed. Spokespeople for McCarthy and the new temporary speaker, Rep. Patrick McHenry, R-N.C., did not immediately respond when asked what spurred the evictions. "Sadly, because I am in California to mourn the loss of and pay tribute to my dear friend Dianne Feinstein, I am unable to retrieve my belongings at this time."
Persons: Steny Hoyer, Nancy Pelosi, Kevin McCarthy, Spokespeople, McCarthy, Patrick McHenry, Pelosi, Sen, Dianne Feinstein, Pro Tempore Organizations: U.S, Capitol, WASHINGTON — Republican, NBC News, Pro Locations: United States, Mexico, Canada, Washington , DC, R, California, San Francisco
Outside the Trump rally, small groups of Trump supporters waived flags along a main road, while closer to the factory where the former president will speak was a small drumline with Trump supporters waiving flags nearby. "Auto Workers for Trump" and "Union Members for Trump" signs were being handed out to attendees and MAGA hats were prevalent in the largely white, older male crowd. Brian Pannebecker, a retired auto worker who runs a Facebook group called "Auto Workers for Trump, said he assisted in getting current and retired auto workers to the event for the Trump campaign and expects more than 200 people at the event. The venue where Trump will speak is an auto parts production facility, which allows little room for the stage or a large audience. Hundreds of chairs were set up in front of where Trump will speak, with bleachers meant for auto workers on the far left and far right of the stage.
Persons: Donald Trump, MAGA, Brian Pannebecker, Joe Biden, shouldn't, It's, Mike Wayland Organizations: Republican, Drake Enterprises, Trump, " Auto Workers, Auto Workers, Ford, Chrysler Locations: Clinton Township , Michigan, United States, Mexico, Canada, Detroit
Hawley and Vance support striking auto workers, but they're not on the same page as union leadership. AdvertisementAdvertisementAs strikes at auto manufacturing plants continue across the country, some populist-minded Republicans are breaking from their party's long-standing orthodoxies and backing the United Auto Workers' demands. Last week, Fain even slammed Donald Trump as part of the "billionaire class" following the news that the former president would address union workers in Michigan this week. So far, the only company that has figured out how to squeeze consistent profits out of electric cars is Tesla, which does not use more union labor. The union is now aiming to rebuild its reputation and influence in automotive labor and the labor movement writ large.
Persons: Hawley, Vance, they're, It's, , what's, Sen, JD Vance, Ohio, Josh Hawley, Biden, Shawn Fain, They've, Fain, Donald Trump, Sherrod Brown, Brown, we've, Detroit's Ford, Matt Wegener, Wegener, EVs, Charmonique Demings, Trump —, Trump Organizations: PRO, Service, United Auto Workers, Republicans, UAW, GM, Stellantis, Biden's, Democrat, Michigan Assembly, Ford's Michigan, Trump, US, Detroit —, National Labor Relations Board, Supreme, Bloomberg, Biden, Battery, EV, Volkswagen, Tesla, Republican, Ford, Democratic, Democratic Party, American Locations: Josh Hawley of Missouri, China, Wentzville , Missouri, Michigan, Ohio, Detroit, Trump's Michigan, States, Mexico, Canada, Missouri
U.S. Trade Representative Katherine Tai chairs the Indo-Pacific Economic Framework meeting in Detroit, Michigan, U.S. May 27, 2023. The latest review marks the U.S. Trade Representative office's 14th labor rights complaint against facilities in Mexico since the U.S.-Mexico-Canada Agreement (USMCA) on trade took effect in 2020, including nine this year. U.S. Trade Representative Katherine Tai said the request was intended to "address a serious violation of workers' rights" at the automotive parts factory, involving an employer possibly terminating workers for engaging in union activity. The Mexican government has ten days to review the U.S. request, and if it accepts, another 45 days to investigate the case. Mexico has recently denied two requests for probes into labor rights concerns, rejecting a U.S. call to review Grupo Yazaki's auto components factory in the state of Guanajuato and also a Grupo Mexico mine labor probe.
Persons: Katherine Tai, Rebecca Cook, Tai, Teklas, Brendan O'Boyle, Isabel Woodford, Sonali Paul Organizations: Trade, REUTERS, Automotive, U.S . Trade, office's, . Trade, Washington, Grupo, Thomson Locations: Detroit , Michigan, U.S, MEXICO, Mexico, Mexican, Aguascalientes, Canada, States, Turkey, Europe, North America, China, Guanajuato, Grupo Mexico
The fields, planted in May, were generating new strands of hybrid seed varieties to be tested in 2024 with release for planting in 2025, they said. Mexico's government wants to ban GM corn for human consumption, including its national staple, tortilla, on concerns about its health impact. It still permits, for now, GM corn as livestock feed and in industrial use in some processed foods and cosmetics. SELF-SUFFICIENCYPresident Andres Manuel Lopez Obrador has been vocal about the need to reduce Mexico's dependence on U.S. corn imports. Still, Mexican Deputy Agriculture Minister Victor Suarez has said replacing 10% to 15% of corn imports is realistic.
Persons: Kellogg, Claudio Carballo, Andres Manuel Lopez Obrador, Victor Suarez, Romel Olivares, Lopez Obrador, Olivares, Adriana Barrera, Cassandra Garrison, Dave Graham, Leslie Adler Organizations: Autonomous University of Chapingo, U.S, Agriculture, Thomson Locations: TEXCOCO, Mexico, United States, Mexico City, Chapingo, U.S, Canada, Mexican
DETROIT, Sept 20 (Reuters) - Talks were ongoing on Wednesday between union representatives and company management in the sixth day of the United Auto Workers strike at the Detroit Three automakers, a day after Ford (F.N) averted a walkout by Canadian workers. The UAW launched a strike against Ford, General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) last week, targeting one U.S. assembly plant at each company. The UAW's coordinated U.S. action led to about 12,700 workers going on strike last week. Ford reached a last-minute deal to avoid a walkout at its Canadian operations late on Tuesday. Unifor, which represents about 5,600 Canadian auto workers, had been threatening to go on strike at all three of Ford's plants in that country if a deal was not reached by late on Tuesday.
Persons: Ford, Mark Reuss, Carlos Osorio, Ram, Unifor, Stellantis, Anirudh Saligrama, David Shepardson, Ben Klayman, Will Dunham, Richard Chang, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three, Ford, UAW, General Motors, Chrysler, Ford Bronco, Chevrolet, Motors, Detroit, Detroit Free Press, Plant, REUTERS, GM's, Silverado, GM, RSM, Kokomo, Thomson Locations: Michigan , Ohio, Missouri, Chevrolet Colorado, Kansas, Oakville, Oakville , Ontario, Canada, Ford Canada, Canadian, Ohio, Indiana, Toledo, Kokomo , Indiana, Bengaluru, Washington, Detroit
Mexico President Andres Manuel Lopez Obrador's steps to roll back reforms aimed at opening Mexico's power and oil markets to foreign competitors ultimately sparked the trade dispute. The steps add to a significant worsening of trade relations between Washington and Mexico City, even as their economic integration grows. Like the energy policies, Washington argues that banning GMO corn for human and animal consumption violates Mexico's obligations under the trade pact. The White House has hoped to avoid escalating energy trade tensions with Mexico as it sought help on immigration and drug trafficking, but talks that began last year have made little progress. In 2022, Mexico had a $130.5 billion goods trade surplus with the United States.
Persons: Katherine Tai, Tatiana Clouthier, Trade Mary Ng, Joe Biden's, Andres Manuel Lopez Obrador's, USTR, Obrador, Biden, Donald Trump, Jarrett Renshaw, David Lawder, Stephen Eisenhammer, Tomasz Janowski Organizations: Trade, Small Business, Export, Washington, United States Trade Representative, United, Chevron, Marathon Petroleum, Comision Federal, Mexico, Ministry, U.S, North American Free Trade, Thomson Locations: Mexican, United States, Mexico, Canada, Mexico City, U.S, United States Mexico Canada, USMCA, Washington, China, Washington's
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