The daily business briefing: August 27, 2018

The U.S. and Mexico near a NAFTA breakthrough, Tesla shares fall after Musk drops proposal to take company private, and more

Tesla CEO Elon Musk in Australia
(Image credit: Getty Images)

1. U.S. and Mexico near NAFTA deal as talks continue

U.S. and Mexican trade negotiators are nearing a deal settling bilateral sticking points on revising the North American Free Trade Agreement, with talks resuming Monday, Mexican Economy Minister Ildefonso Guajardo said Sunday. "We've continued making progress," Guajardo said. Mexico and the U.S. have focused on revising rules for auto production, which President Trump identified as a reason he sees the 24-year-old trade pact as a "disaster" for U.S. workers. Canada will return to the discussions once the U.S. and Mexico reach a deal. The easing trade tensions and Federal Reserve Chairman Jerome Powell's most recent expression of confidence in U.S. economic growth helped lift global stocks, with futures for the Dow Jones Industrial Average and S&P 500 up by 0.3 percent and 0.2 percent, respectively.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.