Trump has to get the new Nafta past Congress before he can declare victory
President Donald Trump was quick to proclaim victory in September with the sealing of a deal to replace the North American Free Trade Agreement. He claimed the United States-Mexico-Canada Agreement, as the new deal is known, offered proof that his pugnacious approach toward tariffs and trade could deliver. If all goes as planned, U.S. officials will join their Canadian and Mexican counterparts in Buenos Aires on Nov. 30 for a ceremonial signing. But that marks just one step on the new Nafta’s winding road toward becoming a business reality.
The U.S. president’s next challenge is to get the deal through Congress. Democrats, the incoming majority in the House of Representatives, say they’re ready to deny Trump the easy win he craves. Richard Neal, the Massachusetts congressman set to take over as chairman of the House Ways and Means Committee, says he and his fellow Democrats have concerns over a new pact he calls not “properly fashioned yet.” Bill Pascrell, the outspoken New Jersey Democrat and longtime Nafta skeptic vying to chair the Ways and Means trade subcommittee, is blunter still. “The deal was not a deal,” he says. “You’re going to see a lot of changes.”
Continue reading your story on the app
Continue reading your story in the magazine
The Novo Abides
Mike Novogratz, former Goldman Sachs partner and the loudest crypto bull on Wall Street, has made and lost a fortune on Bitcoin. He’s still all-in.
Trump’s tariffs were meant to make the U.S. a safe option for businesses looking to expand. It’s not working out that way.
The Immigration Hackers
An Obama-era department of techies is working to streamline paperwork from inside the Trump administration. Results are mixed.
Letter From London, March 2029
A message from post-Brexit Britain about what the 2019 split from the EU hasn’t delivered.
Saudi Weighs More Bank Mergers
Gulf bank consolidation trend gathers pace with Saudi plans.
Money Markets Mixed Over Fed Rate Hikes
There is little agreement among commentators as to whether the Fed will continue to hike rates in 2019.
Hey, Paul Ryan, What's Up? Budget Deficits
The professed fiscal hawk leaves behind a legacy of unsustainable shortfalls.
Dell EMC Bullish On 2019 Outlook
Cloud and technology giant plans further expansion in the Middle East.
Artificial Intelligence Has Some Explaining To Do
Software makers offer more transparent machine-learning tools—but there’s a trade-off.
What Buffalo Got, And Didn't Get, When Tesla Came To Town
After $750 million in subsidies and years of delays, critics say Elon Musk hasn’t done enough for his solar panel factory
$1,400 STIMULUS CHECKS HELPED MARCH RETAIL SALES SOAR 9.8%
Newly vaccinated and armed with $1,400 stimulus checks, Americans went on a spending spree last month, buying new clothes and going out to eat again.
BIG-BUSINESS PUSHBACK AGAINST VOTING MEASURES GAINS MOMENTUM
Big business has ratcheted up its objections to proposals that would make it harder to vote, with several hundred companies and executives signing a new statement opposing “any discriminatory legislation.”
THE DISABLED HOPE THEIR OSCAR MOMENT CAN BECOME A MOVEMENT
Right down to its production design, the Oscars have not always felt like the most welcoming place for the disabled.
A $1.2 BILLION LOSS FOR DELTA, BUT RECOVERY IS ON THE RADAR
Delta Air Lines lost $1.2 billion in the first quarter, more than expected, but executives said Thursday that the airline could be profitable by late summer if the budding recovery in air travel continues.
USERS COULD SOON HIDE ‘LIKE' COUNTS ON INSTAGRAM, FACEBOOK
The tiny red hearts that appear under Instagram photos of kids, kittens and sandwiches can be a source of stress for many users, an insidious way of measuring self-worth and popularity.
DRIVERS WANTED: RECORD DEMAND AT UBER AS VACCINATIONS RISE
Uber is offering sign-up bonuses and other incentives for drivers as it faces record demand for rides and meal delivery.
US RECOMMENDS ‘PAUSE' FOR J&J SHOTS IN BLOW TO VACCINE DRIVE
The U.S. recommended a “pause” in use of the single-dose Johnson & Johnson COVID-19 vaccine to investigate reports of rare but potentially dangerous blood clots, setting off a chain reaction worldwide and dealing a setback to the global vaccination campaign.
COINBASE SOARS IN MARKET DEBUT, VALUED NEAR $86 BILLION
Coinbase made a rousing debut on Wall Street Wednesday, with shares of the digital currency exchange rising as high as $429, briefly giving it a market value over $100 billion.
GOOGLE EARTH ADDS TIME LAPSE VIDEO TO DEPICT CLIMATE CHANGE
The Google Earth app is adding a new video feature that draws upon nearly four decades of satellite imagery to vividly illustrate how climate change has affected glaciers, beaches, forests and other places around the world.
The Food Fight in Fake Meat
Beyond Meat was an early leader. But rival Impossible Foods and others want to eat its lunch