The latest round of NAFTA negotiations struggled to make significant progress in the critical automotive industry with both rules-of-origin and phase-in periods still under review. In the meantime, the industry appears to be in business-as-normal mode. Mexican exports of cars and light trucks rose just 1% in July vs. a year earlier, likely reflecting U.S. auto sales that fell 0.1% that month. The latter masks a significant divergence in performance with Honda’s exports down 76% due to flooding and Volkswagen’s up 62% as a result of new model manufacturing. VW Mexico is also the least exp...