Mexico

A U.S. court of appeals ruled Thursday that Citigroup will have to face a lawsuit alleging it caused over $1 billion in losses by orchestrating a fraud at the Mexican oil and gas service company Oceanografia. Three judges of the 11th U.S. Circuit Court of Appeals in Miami said that 30 Oceanografia vendors, creditors and bondholders adequately alleged that Citigroup substantially aided the fraud. A lower court judge erred by dismissing this nine-year-old case. Circuit Court of Appeals, Miami, said that 30 Oceanografia vendors and creditors, as well as bondholders, adequately alleged Citigroup's involvement in the fraud. A lower court...

Valero Mexico announced on Friday that the tax authority of the country had informed it that they were "momentarily suspended" from the list of motor fuel importers. However, Valero Mexico stated that it is cooperating in an investigation. Valero Mexico, one of Mexico's largest private importers and exporters of gasoline and diesel said that the permit is valid until 2038. Mexico, a major crude oil producer, imports gasoline and diesel in order to meet its national motor fuel demand. This is because the state-owned Pemex company struggles to refine the heavy sour refined crude that it pumps. Mexico's tax authority...

EnerSys, a provider of energy services, announced on Tuesday that it will close its lead-acid manufacturing plant in Mexico due to flooding and move production to a US facility. The announcement coincides with the preparations of U.S. president Donald Trump to impose reciprocal duties on countries that impose tariffs on U.S. products, beginning on April 2, a day he has called "Liberation Day". A pre-tax charge in the amount of $20 million would be incurred in the first half 2025 due to the closure of the Monterrey plant in Mexico, and the subsequent transfer of production from that facility to...

The U.S. president Donald Trump announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production, according to auto industry experts. What are your reactions? TIFFANY SMITE, VP, of the NATIONAL FOREIGN TRADE COUNCIL (which represents many U.S. companies) "Placing tariffs against imports of automobiles could damage the competitiveness and export-readiness of an industry which relies on international supply chains and market integration for its success. We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the United...

The U.S. president Donald Trump announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production, according to auto industry experts. What are your reactions? TIFFANY SMITE, VP, of the NATIONAL FOREIGN TRADE COUNCIL (which represents many U.S. companies) "The imposition of tariffs on auto imports threatens the competitiveness and export-readiness of an industry which relies on international supply chains and markets to achieve its success. We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the United...

At a Wednesday press conference, U.S. president Donald Trump will reveal plans to implement long-promised duties on automobile imports. This move will intensify the global trade conflict Trump started upon regaining control of the White House in this year. The White House did not provide any details about the anticipated tariffs. This includes whether or not there will be carveouts made for parts and vehicles produced under the U.S. Canada-Mexico Agreement. This regional trade agreement was negotiated by Trump during his first term, which allows for largely free trade with two of the largest U.S. trade partners. Trump has himself...

The U.S. Commerce Department head said that President Donald Trump may consider protecting certain sectors, such as automakers, from U.S. Tariffs. His administration will announce tariffs on Canada and Mexico later on Wednesday. Howard Lutnick, in an interview with Bloomberg TV, said that Trump would be the one to make the final decisions on whether or not to provide relief to specific industries. He said that the 25% tariff on Canada and Mexico will remain in place with a view to renegotiating an agreement with these two countries next year. The Commerce secretary stated that "the president has the right...

U.S. president Donald Trump announced on Thursday that the 25% tariffs he proposed on Mexican and Canadian products will be implemented on March 4, as planned, because drugs continue to pour into the U.S. Trump said that he would also impose an extra 10% duty on Chinese products on the same day. It would seem that this is in addition to the 10% tariff he imposed on Chinese imports on February 4. Trump said that drugs are still entering the U.S. in "very high levels and unacceptable levels," a majority of which is the deadly opioid fentanyl. "We can't allow...

The Mexican government is planning to invest $22,4 billion in new electricity generation capacity before the end of this administration, which will be 2030. This investment will come from the state-owned CFE. According to data collected by the government in 2023, the country's power sector has a total installed capacity of 95 GW. The majority of Mexico's power is generated by burning fuel oil and natural gas. According to a CFE Presentation, the government's expansion plan for 2030 is divided into 51 projects. However, half of these are generation projects initiated by the former government. The CFE's newly appointed director,...

Tuesday, oil prices fell after U.S. president Donald Trump agreed not to impose steep tariffs against Mexico and Canada, two of the United States' largest foreign oil suppliers, for one month. Brent futures dropped 41 cents or 0.5% to $75.55 per barrel at 1:49 GMT. U.S. West Texas Intermediate crude fell 75 cents or 1% to trade at $72.41. Justin Trudeau, the Canadian prime minister, and Claudia Sheinbaum, president of Mexico's government said that they agreed to increase border enforcement in response to Trump’s demands to crackdown on illegal immigration and drug trafficking. This would stop for 30 days the...

Donald Trump, the U.S. president, said on Thursday that he will decide soon whether or not to exempt Canadian and Mexican oil from the 25% tariffs he had promised to impose Saturday on their products. "We might or might not." Trump stated that he will make a decision about imposing tariffs on Canadian or Mexican oil "probably tonight." Trump said that the decision would be based in part on price and whether or not both countries "treat" him properly. Trump has set Saturday as the deadline for imposing 25% tariffs on imported goods from Mexico and Canada in order to...

U.S. President Donald Trump's. go back to the White House has been met with both relief and. frustration across world markets as financiers try to work out. what the next four years will bring. The approach will be chaotic, unpredictable, spur of the. minute and driven by Trump himself, stated Russel Matthews,. senior portfolio supervisor, international macro at RBC BlueBay Asset. Management. Here's a look at a few of the winners and losers emerging. from Trump's very first 24 hours in office. 1/ NAME CALLING Calling out Canada and Mexico as prospective targets for. tariffs took an even more toll...

On Wednesday, the U.S. tariff rates on steel and aluminum imports will double as President Donald Trump intensifies a global war of trade. He also expects his trading partners to make their "best offers" to avoid harsh import tax rates for other goods taking effect early in July. Trump signed an executive order late Tuesday that will take effect on Wednesday. Last week, Trump surprised the world by announcing that he would increase tariffs from 25% to 50% on imports of steel and aluminum. "We began with 25 and after studying more data, we realized that this was a great...

Daniela Cavallo, the head of the Wolfsburg works council, told employees on Tuesday that Volkswagen's restructuring its Wolfsburg factory from 2027 in order to allow for EV production only could lead to a temporary four day working week. Cavallo was a key figure in negotiations last year with management over cost reductions. He said that unions had agreed on a minimum capacity utilization for the transition period. However, he urged workers to work extra shifts to compensate for the possibility of reduced working hours in the future. Cavallo stated that a four-day work week was not unreasonable from 2027. Volkswagen's...

U.S. president Donald Trump intends to double tariffs for steel and aluminum imports from Wednesday to 50%, increasing pressure on global producers of steel and intensifying his trade war. Why is Trump doubling tariffs? Trump wants to encourage and support investment in the domestic production of aluminum and steel, two essential materials for construction. Aluminium is used in transport and packaging. These tariffs are already causing higher prices for consumers of steel and aluminum, as well as a decline in manufacturing. Meanwhile, the hurdles, such higher electricity prices, are very high. About a quarter (25%) of the steel used in...

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow of illegal immigrants and fentanyl into the United States. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal...

Mexico's Economy Minister said that the country hopes to begin a trilateral review with the U.S., Canada and other countries in the second half this year. This will provide more clarity for consumers and investors. On the sidelines of an event organized by the Ministry of Finance with local firms, Economy Minister Marcelo Ebrard said to journalists: "We expect that we will start discussions in second half of this year." He added, "We hope that they will happen as quickly as possible and we can come to an agreement as soon as." Next year, the USMCA will be reviewed. The...

JFE Holdings (parent of Japan's second largest steel manufacturer) has set aside 400 billion Japanese yen ($2.8billion) to invest overseas over a three-year period. It expects the domestic demand to remain weak, and that China's exports will continue to pressure global markets. The company stated that its key strengths outside Japan include its partnerships with JSW Steel Limited India and Nucor Corporation North America. It also plans to increase its exposure overseas through strategic local partners. It added that "in parallel with considering large scale overseas investments, such as the acquisition of raw materials interests, promising opportunities will be pursued...

Cemex, the Mexican cement manufacturer, reported a 18% drop in its core earnings in the first quarter of the year on Monday. This was largely due to headwinds in local markets. Cemex's earnings were $601 million in line with expectations, due to the weaker peso and lower volumes in Mexico, according to its filing. Cemex reported that the peso had caused an EBITDA hit of $65 million, and volumes in Mexico dropped due to a rush to complete government infrastructure projects last year before presidential elections. On Monday, the firm reiterated its forecast that it expects to reach an EBITDA...

U.S. Treasury Sec. Scott Bessent said on Sunday that he didn't support President Donald Trump in his assertion that tariff negotiations with China are underway and he didn't know if Xi Jinping, the Chinese president, had spoken to him. Last week, the Trump administration showed a willingness to deescalate tense trade relations between China and the United States that have sparked fears of recession. Trump has confirmed that talks are taking place on tariffs with China, and he and Xi spoke. Beijing denies that trade talks have taken place. Bessent is a key player for the U.S. in trade negotiations...

In a Thursday statement, the U.S. Trade Rep Jamieson Greer said that he and his Vietnamese counterpart had a productive meeting in which they both agreed to make rapid progress in reciprocal trade. Greer and Vietnam’s Minister of Industry and Trade Nguyen Han Dien spoke Wednesday and "instructed [their] teams to engage in technical discussion in the coming days in order to discuss efforts on expanding market access and addressing unfair trade practices," according to the statement. The statement stated that "Both sides agreed it is important to make rapid progress toward reciprocal and equal trade between the United States...

The Mexican president Claudia Sheinbaum stated on Tuesday that most auto executives who have plants in Mexico said they do not have any plans to relocate their factories. The president spoke at her morning news conference. "I've personally spoken to many CEOs and global mangers of several auto companies, to find out what their thoughts are about the future...Most have told us they don't plan to make any changes for the time being," she said. Mexico, which exports nearly 80% of all its goods to the United States was not on Trump's global list of tariffs that were announced last...

The Mexican president Claudia Sheinbaum stated on Monday that her government would prefer to avoid imposing tariffs against the United States as a response to President Donald Trump’s tariff plans. However, she did not rule them out. Sheinbaum called it a great success that Mexico, which exports nearly 80% of all its goods to the United States was not on Trump's list last week of tariffs across the board. Mexico still faces the 25% tariffs that Trump imposed on steel, aluminium, and automobiles as well as goods that don't comply with regional USMCA trade agreement. Sheinbaum stated in a press...

Around a recent Canadian farm show, salespeople of equipment struggled to close deals with farmers who were worried about tariffs. Some combines can cost more than $800,000. A surprise tariff hike would mean a big hit to most farm budgets. The Trump administration spared Canada's global tariffs of the Trump Administration on April 2, but it still faces tariffs for steel and aluminum exported to the U.S., as well as autos that are not compliant with United States-Mexico Canada Agreement on Trade. Farmers in Canada were still unsure as of Friday if agricultural equipment was subject to duties or Canada's...