The second round of NAFTA talks, starting 9/01, start under the cloud of rhetoric from President Trump that he could decide to “terminate” the U.S. participation in the deal. While Canada and Mexico initially shrugged-off the comment, the Mexican foreign minister has stated his country would leave the talks if such a tactic was deployed. Recent Mexican trade data showed its surplus vs. the U.S. – an explicit target for the Trump administration – fell 5% in July on a year earlier. However, it is still higher on an annual basis than in 2016. Meaningful reductions require action in the auto...