The United States will impose tariffs on steel and aluminum imports from the European Union, Canada and Mexico from midnight Thursday, May 31, ending months of uncertainty over potential exemptions and sharply escalating the risk of a trade war. The announcement by Commerce Secretary Wilbur Ross was sure to cast a long shadow over a meeting of finance ministers from the world's Group of Seven top economies that opens later in the day in Canada.

Oil prices are rising on bullish supply data from the American Petroleum Institute (API) and talk that the joint OPEC/non-OPEC Ministerial Monitoring Committee (JMMC) on Friday night set the stage for an extension of the existing production cut agreement as compliance with the current deal is starting to improve.

A draft executive order to withdraw the United States from the North American Free Trade Agreement is under consideration, a senior Trump administration official said on Wednesday, confirming an earlier report from Politico.

Europe's claim to be the global champion of open trade and a counterweight to the threatened protectionism of U.S. President Donald Trump risks ringing hollow if it cannot sign a new Pacific free trade deal by the end of 2017.

The United States, Mexico and Canada are likely to reach a basic accord over reworking the North American Free Trade Agreement (NAFTA) by the middle of next year, the head of the biggest U.S. business lobby group said on Sunday.

With a deadline looming this week to avert a U.S. government shutdown, Congress returns to work on Monday as President Donald Trump leans on Democrats to include funding for his promised border wall with Mexico in spending legislation.

Mexican airports and tourism operators are fast becoming a hotspot for investors betting they will escape the trade-related worries that have squeezed some other assets there, with lingering weakness in the peso seen providing further upside.

The Trump administration is seeking mainly limited changes to the North American Free Trade Agreement with Mexico and Canada, the Wall Street Journal reported on Thursday, citing an administrative draft proposal circulated in Congress by the Office of the U.S. Trade Representative.

President Donald Trump will ask the U.S. Congress for dramatic cuts to many federal programs as he seeks to bulk up defense spending, start building a wall on the border with Mexico and spend more money deporting illegal immigrants.