Mexican economy minister says there is still no US presidential decree on tariffs

  • Says Mexico should be excluded from potential US steel tariffs
  • Says we should not react to tweets, we should react to concrete policy decisions
  • There has been less advance on chapter 19 in the nafta talks
  • When the US negotiator for auto rules of origin returned to the US last week, it was because the US government had started talks with industry
  • Says referring to trade wars, says in a war, "everyone loses"
  • Does not rule out a Mexico response on US tariffs, but it does not necessarily benefit everyone to escalate matters
  • Mexican proposal on auto content was not put on the table because u.s. negotiator returned to the US
  • Says, when asked about auto content in nafta talks, the outcome of a trade negotiation cannot just depend on the interests of one sector
  • Uncertainty over trade is not helping any of the participants in the talks
  • The sooner we get a result, the better, but political calendars should not determine this

Headlines via Reuters

Downbeat comments from the minister, should be a negative for MXN (and CAD you'd think)