Afternoon Coffee: U.S. and Mexico Reach Preliminary NAFTA Deal, Toyota Invests $500 Million in Uber for Driverless Vehicle Development

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The U.S. and Mexico have made a breakthrough in their renegotiation of the North American Free Trade Agreement (NAFTA), the New York Times reports. The two countries have reached an agreement to revise key portions of the 24-year-old trade pact, which would be scrapped in favor a new trade deal.

While President Trump said Monday the new agreement could exclude Canada, which has not participated in the most recent rounds of talks, opposition from lawmakers, North American businesses and Mexico will likely result in the inclusion of Canada in a finalized deal.

Toyota Investment 

Toyota is partnering with Uber to jointly develop driverless vehicles, investing $500 million in the rideshare giant, The Wall Street Journal reports. After a fatal crash in Arizona involving one of its driverless cars, Uber has been seeking a way to “lower development costs and losses in its autonomous-vehicle unit.”

Newsprint Tariffs 

Federal tariffs targeting Canadian newsprint suppliers are driving a months-long spike in the price of newsprint, the Washington Post reports. The unexpected costs are hurting newspapers at a time where extra cash is hard to come by, resulting in further layoffs. Newsprint is typically a publication’s second-biggest operating expense after labor, according to the report.

Durable Goods 

And finally, an economic update: U.S. durable goods order fell 1.7% in July due to volatile aircraft demand, CNBC reports. New order for capital goods, however, increased more than expected during the month, rising 1.4%.

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