President Donald Trump said the US and the European Union should drop all tariffs, barriers and subsidies ahead of his meeting today with European Commission President. Juncker said that the bloc is prepared to “immediately” retaliate should talks fail.
Negotiations for a new North America Free Trade Agreement restart after the delays of Mexico’s presidential election. Canadian Foreign Affairs Minister Chrystia Freeland will discuss progress with both the incoming and outgoing administrations, while Mexican Economy Minister Ildefonso Guajardo will be in Washington tomorrow to meet with US Trade Representative Robert Lighthizer.
Oil prices rose this morning after data displayed US crude inventories fell more than expected. Brent crude was up 0.8% to $74.04 a barrel. US crude inventories fell 3.2 million barrels in the week to July 20 to 407.6 million barrels, compared with expectations for a decrease of 2.3 million barrels.
Prime Minister Theresa May announced yesterday she will take personal control of Brexit negotiations with the EU, as time runs out to get a deal before Britain leaves the bloc in March. The move prompted an immediate reaction, with Sterling rising on hopes that the PM’s direct involvement will help to speed up the negotiation process.