Morning Business Report: Trump administration plans USMCA changes as Dow reaches record high
The Trump administration says it will not renew the U.S.-Mexico-Canada Agreement, or USMCA, in its current form.
(LILAMAX)- The Trump administration says it will not renew the U.S.-Mexico-Canada Agreement, or USMCA, in its current form. The decision begins a series of annual reviews that could ultimately lead to the trade pact’s termination within the next decade. The United States, Mexico and Canada continue to negotiate changes to the agreement. According to Reuters, the U.S. recorded a $46 billion goods trade deficit with Canada and a $197 billion deficit with Mexico last year.
Bank of America CEO Brian Moynihan is backing away from his previous prediction that the U.S. economy would enter a recession. Moynihan says higher interest rates reflect a resilient economy and expressed confidence in new Federal Reserve Chair Kevin Warsh’s focus on controlling inflation.
On Wall Street, the Dow Jones Industrial Average reached another record high before giving back some gains Wednesday. Meanwhile, the Nasdaq Composite lagged behind as chipmaker stocks declined. Investors were also awaiting the latest U.S. jobs report.
JCPenney is closing additional stores, with liquidation sales offering discounts of up to 88% on some merchandise, according to the New York Post. The retailer continues to shrink its footprint after years of declining mall traffic and growing competition from online shopping.
And finally, World Cup visitors are discovering one uniquely American favorite: ranch dressing. Travelers have been sharing their enthusiasm for the condiment on social media, prompting some airport shops to stock bottles for departing fans. The TSA has also reminded travelers that ranch dressing is considered a liquid and cannot be packed in carry-on bags if it exceeds the allowable size limit.
