trending Market Intelligence /marketintelligence/en/news-insights/trending/qWFnh16rQVb-B39Gt-3DSQ2 content esgSubNav
In This List

Report: North American trade deal may be delayed, says U.S. President

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Report: North American trade deal may be delayed, says U.S. President

U.S. President Donald Trump said the U.S-Mexico-Canada trade agreement may be delayed if an impeachment inquiry is pursued, sending Mexico's currency and stock market plummeting, Reuters reported.

The U.S.-Mexico-Canada Agreement replaces the North American Free Trade Agreement, and has been signed but not ratified. The agreement must pass the House and Senate before it can be entered into force, but has stalled as political stalemates intensify, with Democrats concerned about the potential negative effects of the pact.

"I don't know whether or not they're going to have time to do any deals," Trump said at a press conference, Reuters reported. He targeted House Speaker Nancy Pelosi, saying "She's wasting her time on a, you know, let's use a word that they used to use a lot: a 'manufactured crisis.'"

Democrats launched an impeachment inquiry into President Donald Trump over alleged abuse of power, and accused him Sept. 25 of asking the Ukranian president to "look into" allegations involving former Vice President Joe Biden and his son.

Meanwhile, Reuters noted that U.S. Trade Representative Robert Lighthizer told reporters that he was confident that the trade agreement would be passed when voted upon, warning that it would be a "catastrophe" for the U.S. economy if it was rejected.

Mexican President Andrés Manuel López Obrador said at a press conference that the agreement should be resolved soon, and Canadian Prime Minister Justin Trudeau said that his focus remained on making sure the deal went ahead, Reuters said.

Mexico's stock market index .MXX slipped 1.24% and the peso dropped 0.9% against the dollar to its lowest in nearly three weeks, according to Reuters.