This Morning in Metals: NAFTA Will ‘Probably’ Be Terminated, Trump Says

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This morning in metals news, President Donald Trump said during a campaign-style rally in Phoenix on Tuesday that the North American Free Trade Agreement (NAFTA) will “probably” be terminated, last week’s U.S. raw steel production was slightly down from the week before and soccer superstar Cristiano Ronaldo’s latest endorsement is for … Egyptian steel?
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Trump Puts NAFTA in Crosshairs

In a campaign-style rally in Phoenix on Tuesday, President Donald Trump wheeled from subject to subject in a 77-minute speech touching on`q his Charlottesville response, the media, so-called “clean coal” and much more. He also turned his eye to NAFTA, the trade deal he almost sunk in April when he reportedly was ready to pull the U.S. out of it, until discussions with Canadian Prime Minister Justin Trudeau and Mexican President Enrique Peña Nieto convinced him otherwise.
During his speech Tuesday, Trump said the deal would “probably” be terminated, sounding a threatening note just days after the first round of renegotiation talks concluded in Washington, D.C.

“And I must be honest, and I’ve been talking about NAFTA for a long time, and I’m sorry it’s taken six months, but we have to give notice,” Trump said Tuesday in Phoenix. “You have to see this. We have to give notice, and after the notice is given, you have to wait a long time. Then you have to give another one, then you have to wait a long time.

“Anyway, we started two days ago, Bob Lighthizer. Personally, I don’t think we can make a deal, because we have been so badly taken advantage of. They have made such great deals, both of the countries, but in particular, Mexico, that I don’t think we can make a deal. So I think we’ll end up probably terminating NAFTA at some point, OK? Probably.

“But — but I told you from the first day, we will renegotiate NAFTA, or we will terminate NAFTA. I personally don’t think you can make a deal without a termination, but we’re going to see what happens, OK? You’re in — you’re in good hands, I can tell you.”

Mexican Foreign Minister Luis Videgaray referred to Trump’s NAFTA commentary as a negotiating tactic, according to a report by Reuters.

U.S. Raw Steel Productions Drop 1% From Previous Week

According to data from the American Iron and Steel Institute (AISI), raw steel production for the week ending Aug. 19 dropped 1% from the week prior, falling to 1,763,000 tons from 1,780,000 tons.
In the year to date, however, production is up 3% compared with the same time frame in 2016. Through Aug. 19, adjusted year-to-date production was 57,413,000 net tons.

Real Madrid Star Strikes Up Egyptian Steel Endorsement Deal

Cristiano Ronaldo, the Real Madrid and Portuguese national team star, has endorsed brands like Nike, Armani, Coca Cola, Kentucky Fried Chicken, and may more.
It’s no surprise that brands around the world want Ronaldo, one of the most recognizable athletes in the world, to endorse their products.
So what’s next in the Ronaldo endorsement train?
Egyptian steel — no, seriously.
According to ESPN FC, Ronaldo has added the Egyptian steel industry to his expansive promotional resume.
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“Have you ever related steel to eco-friendly? I did.. that’s why I’ve partnered with the most safety-oriented steel brand ,” Ronaldo tweeted Wednesday morning.

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