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US to Seek Dispute Talks With Mexico Over Energy Policy

MEXICO
  • [Reuters] – Overnight is was reported that The United States will request dispute settlement consultations with Mexico under a regional trade deal over what it considers discriminatory Mexican energy policies, according to two Mexican sources and a draft announcement seen by Reuters on Tuesday.
  • The consultations relate to measures taken by Mexico which the U.S. Trade Representative argues undermine American companies in Mexico and U.S.-produced energy in favour of Mexican state-owned power utility CFE and oil firm Pemex.
    • “We have repeatedly expressed serious concerns about a series of changes in Mexico’s energy policies and their consistency with Mexico’s commitments” under the USMCA trade deal, Katherine Tai, the Biden administration’s trade chief, said in the government statement.
  • USDMXN has risen roughly 1% from yesterday’s lows around 20.32 amid the reports and the firmer greenback. The recent pullback from the highs has been considered technically corrective, corroborated by the 50-day EMA support around 20.25 holding during Tuesday’s session. For bulls, the trigger for a resumption of gains is 21.0535, the Jul 14 high.
  • *Finance Ministry to offer sustainable bonds known as Bondes G maturing in 3 and 6 years - 1600BST/1100ET.
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