The fourth round of NAFTA negotiations went badly. While an extension of talks into 2018 raises the prospect of a deal ultimately being reached, it may lead to slower momentum at the November 17 round. Furthermore the delay is the result of intransigence. The U.S. continues to insist on a trade-deficit led approach, while Canada and Mexico are set against U.S. proposals on rules of origin and dispute settlement. While the U.S. has no “active plans” to withdraw it may not “continue to encourage and guarantee” U.S. companies’ investments in Mexico or Canada. Panjiva data shows the large...