In one more of his tantrums, Donald Trump announced on Thursday on his Truth Social network, without mentioning the USMCA, that he was suspending all trade negotiations with Canada, because he was upset by an announcement from the province of Ontario in which they used an audio of former President Ronald Reagan – supposedly fake – to criticize the tariffs.
Although Trump’s trade break with Canada could affect the negotiations for the review of the T-MEC that must begin in January, there was no negative impact on the markets for two reasons: on the one hand, due to the so-called TACO effect: Trump Always Chickens Out, Trump always backs down; and on the other hand, because Trump’s meeting with Chinese Premier Xi Jinping is confirmed next Thursday within the framework of the APEC Summit, which will be held in South Korea and the expectation is that the tariff war will end.
The Prime Minister of Canada, Mark Carney, applied the same cool-headed strategy that President Claudia Sheinbaum has always shown and before starting his tour to Asia that includes his participation in the APEC Summit, he assured that he will wait for Trump to want to resume trade negotiations with Canada. The problem for Carney is that on Saturday he announced an additional 10% tariff for that country, which already has a rate of 35%.
As for Sheinbaum, she seemed calm, as did the Secretary of Economy Marcelo Ebrard who will also participate in the APEC meeting.
In this regard, Juan Carlos Baker, former Undersecretary of Foreign Trade and USMCA negotiator, acknowledged that in the face of Trump’s unpredictability, Mexico must remain calm, but insist in the negotiations that we must return to the zero tariff.
I also point out that uncertainty about the T-MEC will continue until its review has been signed and ratified.
ENSU, worst results in 1st. year of Sheinbaum
The results of the National Urban Public Safety Survey reported by Inegi are bad news for President Sheinbaum, because in her first year in office, the percentage of the population over 18 years of age who considered it unsafe to live in their city increased, going from 58.6% in the third quarter of 2024, to 63% in the third quarter of this year.
And the Association of Banks of Mexico (ABM), chaired by Emilio Romano, should be concerned because the perception of insecurity when going to an ATM on public roads continues to increase, since 71% of the population feels unsafe vs. 67.3% in the third quarter of 2024.
It is not surprising, of course, that insecurity when traveling on the road has also increased in one year, from 53% to 57.1%.
Pemex still does not regularize payment to suppliers
The Limón Agrio Award goes to the general director of Pemex, Víctor Rodríguez Padilla, for his contractions on the debt to suppliers in his appearance before the Energy Commission of the Chamber of Deputies; his evasions about the problem of huachicol.
Rodríguez Padilla assured that 300,000 million pesos have been paid to suppliers, “more than 50% of the debt” which at the end of the first semester amounted to 430,000 million pesos; that the resources of the Pemex Banobras Fund amounting to 250,000 million pesos were already being used; and that in February 2026 they will finish regularizing payments.
Banobras reported on Thursday that payment to suppliers had actually begun, but only for 307 contracts and for an amount of 26,285 million pesos.
When Pemex’s financial results are published at the end of the third quarter, we will be able to verify if, as Rodríguez Padilla presumed, the debt with suppliers was actually reduced by 50%.
Mastercard-McLaren on the right foot
The Sweet Orange award goes to Mastercard for its success in joining the McLaren Team for the first time in the Mexican Grand Prix.
Formula 1 has established itself as the highest-grossing sporting event in Mexico City and the fans continue to increase. For this year, a spill of 4,000 million pesos is expected in the three days of the Mexican Grand Prix and a record attendance of 314 thousand people.
Since November 2024, Mastercard’s alliance with the McLaren team was announced with its successful drivers Lando Norris and Oscar Piastri and the Mexican GP also had Banamex as its official race partner.
Among the exclusive experiences they offered to their visitors to the McLaren Paddock Club Suite was a talk with Mexican Pato O’Ward, IndyCar runner-up who competed on Friday despite being sick to his stomach.
International Women’s Forum
Alejandra Latapí, president of the International Women’s Forum, heads the IWF Day today, with a forum attended by, among others, Maria Ariza, Director of the Institutional Stock Exchange; Valeria Moy, director of IMCO; Beatriz Leycegui former Undersecretary of Commerce; Tania Ortiz Mena, CEO of Sempra Infrastructure; and Vanessa Rubio, former Undersecretary of the Treasury and Foreign Affairs.
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