The recent round of NAFTA negotiations confirmed a comprehensive, rather than transactional, approach is being followed. The Trump administration’s stance remains based on cutting the trade deficit. Panjiva data the deficit shows can be completely explained by autos (a deficit of $4.6 billion in July) and energy ($2.6 billion) while the U.S. runs a surplus in all other industries combined. With energy policy changes requiring significant, long-term infrastructure investment this suggests changes to automotive rules of origin are the key to successful talks. Mexico has the most to “give” ...