Mexico and US Weigh Bilateral Trade Deal Before November Midterms, Sheinbaum Says

Mexican President Claudia Sheinbaum said on Wednesday that trade talks with the United States are ongoing and both sides are assessing whether an agreement can be reached before US midterm elections in early November. The two countries are pursuing a temporary bilateral deal while negotiations with Canada continue over renewal of the trilateral USMCA trade agreement. "In areas where we can reach an agreement and strengthen both countries, we are making progress," Sheinbaum said at her daily morning press conference. Mexico is still seeking "a significant reduction" in tariffs on its automotive, steel and aluminum industries. Mexico's push follows the collapse of US-Canada trade talks last month, which triggered a tariff dispute including new US import bans on Canadian alcohol, motorcycles and dairy. Canada has vowed dollar-for-dollar retaliation. Officials in both countries are hopeful of a deal before the November 3 elections, though there is no formal deadline.