The United States and Mexico reached a new trade deal. According to Reuters:
The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact.
Auto stocks soared and the S&P 500 and the Nasdaq rallied to record highs on the expectation that Canada would sign onto the deal and ease the economic uncertainty caused by U.S. President Donald Trump’s repeated threats to ditch the 1994 accord.
The United States will pay farmers hurt by the trade war. According to The Wall Street Journal:
The Trump administration pledged to pay farmers $4.7 billion to offset losses from trade disputes with foreign buyers of U.S. agricultural products.
Agriculture Secretary Sonny Perdue said the payments would help protect farmers from “unjustified tariffs” some nations have applied in response to President Trump’s trade policies. China, Mexico, the European Union and other trade partners have levied tariffs on U.S. farm goods from soybeans to pork to apples, leaving growers vulnerable during a downturn in the agricultural economy.
Toyota Motors Corp. (NYSE: TM) has set an autonomous car deal with Uber. According to The Wall Street Journal:
Toyota Motor Corp. is investing about $500 million in Uber Technologies Inc. as part of an agreement by the companies to work jointly on autonomous vehicles aimed at improving safety and lowering transportation costs.
Toyota’s investment values Uber at about $72 billion, slightly higher than where SoftBank Group Corp. valued the ride-hailing company earlier this year with its funding, according to people familiar with the matter.
Warren Buffett will invest in a mobile payment company based in India. According to The Wall Street Journal:
Warren Buffett’s Berkshire Hathaway Inc. is getting into the mobile-payments business.
The Omaha, Neb., conglomerate said Monday it invested in One97 Communications Ltd., the parent company of Paytm. The Noida, India-based company is India’s largest mobile-payments firm. It makes a popular smartphone app that can be used to pay for everything from movie tickets to auto-rickshaw rides
The Nasdaq rose above 8,000. According to The Wall Street Journal:
The Nasdaq Composite index vaulted above 8000 for the first time Monday, underscoring the dominant role megacap technology shares have played in propelling the U.S. stock market past its global peers this year.
It took the index just short of eight months to climb a thousand points after crossing 7000 in January—a pace unmatched since around the height of the dot-com era, when the Nasdaq jumped from 4000 to 5000 in just 49 trading days
A judge blocked the distribution of 3D gun instructions. According to The New York Times:
Cody Wilson, the self-described crypto-anarchist who has tried for years to post blueprints for 3-D printed guns online, will have to keep waiting, a federal judge ruled on Monday.
The judge ruled in favor of attorneys general from 19 states and Washington, D.C., who contend that 3-D printed guns are difficult to detect and trace, and constitute a threat to national safety. The ruling extends a temporary restraining order issued July 31, and means Mr. Wilson cannot publish the blueprints unless the attorneys general’s lawsuit is resolved.