The US and Mexico are on the verge of a historic bilateral trade agreement, while energy giant ExxonMobil is preparing its grand return to Venezuela. US President Donald Trump announced that negotiations with Mexico are in their final phase, and the prestigious publication The Wall Street Journal reported an upcoming deal worth billions in the oil sector of Caracas.
A new era in trade between the US and Mexico
During his speech in North Carolina, Donald Trump stressed that Washington and Mexico are “very close to a great deal“. This development follows the collapse of the trilateral negotiations with Canada in the framework of the review of the USMCA agreement.
- New deal highlights:
- Artificial Intelligence Requirements: Washington Pushes for Change in Mexico's AI Hardware Export Rules to Limit Chinese Influence.
- Tariff Relief: Mexico seeks to avoid tariffs on steel, aluminum and cars in exchange for more American content in assembled vehicles.
- Date: The next round of formal negotiations is expected to take place on September 28-29 in Washington, with the aim of finalizing before the US midterm elections.
ExxonMobil returns to Venezuela after 20 years
Along with regional trade changes, the US energy sector is preparing for a large-scale expansion. According to exclusive information from The Wall Street Journal, ExxonMobil Corporation is close to signing a preliminary agreement with state-owned company Petróleos de Venezuela (PDVSA).
The move marks a key turning point, as the company left the country nearly two decades ago after its local assets were nationalized. The current interest is directly driven by the Trump administration, which has called on American producers to revive Venezuela’s struggling oil sector. Caracas, for its part, has already changed its legislation, introducing lower tax rates for foreign investors in the industry. The potential partnership could cover oil fields with a total capacity of nearly 50 billion barrels.