Global News Of Note: Canada, Mexico, EU All Make News On Trade

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• Canadian Prime Minister Mark Carney said in a public address last week that his government will pursue new trade relationships with India, ASEAN countries, and the MERCOSUR trade bloc. ASEAN states include Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and others. The primary countries in MERCOSUR are Argentina, Bolivia, Brazil, Paraguay, and Uruguay. Associate states in MERCOSUR include Chile, Colombia, Ecuador, Guyana, Panamá, Perú and Suriname. Read more at this link.
• According to Reuters, Mexican President Claudia Sheinbaum she had a “productive and cordial” conversation with President Donald Trump last week regarding international trade. “We continue to make progress on trade issues and the bilateral relationship. We agreed that both teams will continue working together,” she said on social media. President Sheinbaum spoke with President Trump a day after her economy chief Marcelo Ebrard met with U.S. Trade Representative Jamieson Greer in Washington, D.C. In those talks, the two countries agreed to begin formal discussions on possible reforms to the United States-Mexico-Canada Agreement. Read more about the meeting at this link.
• On a 36-2 vote, the European Parliament’s International Trade Committee approved lower import quotas for steel. The regulation limits tariff-free import volumes to 18.3 million tons a year, a reduction of 47 percent compared with 2024 steel quotas. The rules also would apply a 50 percent customs duty to imports above the quota and to steel goods not covered by the quota. Read more at this link.
• The European Union (EU) and the government of India have entered into a trade agreement. As Politico explained, under the deal, India will lower tariffs on European cars and wine while the EU signaled it will assist Indian companies with decarbonization and will negotiate duty-free quotas for Indian steel exports. Read more at this link.