U.S. Commerce Secretary Wilbur Ross extended the deadline to finalize a deal on sugar prices with Mexico Monday, a pivotal agreement that could both sidestep a potential trade war and clear a key obstacle for NAFTA talks later this year.
Ross extended the deadline to Tuesday, saying that while the discussions have been productive, the two parties need just 24 additional hours to iron out details.
“The two sides have come together in quite meaningful ways, but there remain a few technical details to work out,” Secretary Ross said. “We are quite optimistic that our two nations are on the precipice of an agreement we can all support, and so have decided that a short extension of the deadline is in everyone’s best interest.”
The U.S. Commerce Department threatened last month to slap Mexican sugar imports with heavy tariffs, as well as anti-dumping and countervailing duties, if terms were not renegotiated by June 5.
Source: www.foxbusiness.com