The daily business briefing: August 28, 2018

Trump announces a trade deal with Mexico, Toyota invests $500 million in Uber, and more

The Toyota logo in California
(Image credit: Justin Sullivan/Getty Images)

1. Trump announces trade deal with Mexico

President Trump on Monday announced that the U.S. and Mexico had reached an agreement on a tentative, revised trade deal intended to eventually replace the North American Free Trade Agreement. "It's a big day for trade. It's a big day for our country," said Trump, who spoke by phone with Mexican President Enrique Peña Nieto. Several factors remained unresolved, including whether Canada, the third NAFTA party, would sign the deal. White House officials said the terms focused on manufacturing and would help U.S. workers by making it harder for China and other rivals to ship cheap goods destined for the U.S. through Mexico. The agreement also aims to bring labor and environmental rules into sync across the border to protect U.S. salaries and jobs. One senior administration official conceded that the cost of certain goods, such as automobiles, might be driven higher.

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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.