Mexico’s had a stellar month for exports with a 16% rise in shipments on a year earlier. Yet that was likely due to sales weakness in Mexico (down 7%) and may cause stockpiling in the U.S. where sales of imported vehicles fell 2%. Looking down the road there are also significant regulatory risks from NAFTA – where a U.S. withdrawal is possible but wouldn’t take effect for six months – and America’s section 232 review of the automotive industry. The latter could take up to a year to have an effect too. In the meantime the growth in exports was led by General Motors, which saw a 43% expans...