Conference calls can be awkward, as US President Donald Trump discovered recently. He was trying to connect with Mexican president Enrique Peña Nieto to discuss a revamp of trade terms. As cameras rolled, the president struggled with the speakerphone, like any tech-challenged middle manager. When the pair could finally speak, the resulting agreement reassured the beleaguered US car industry. The complex supply chains of General Motors (GM) and Ford should now avoid disruption. The shares of the car giants even spiked a few percent. Small mercy. The broader sweep of the president’s trade policy combined with uneven commercial prospects mean investors remain rattled. The new framework, which excludes Canada for the moment, has two key parts. First, the share of components sourced within North America will rise from 62.5% to 75%. Second, 40% to 45% of the contents of cars must be made by workers earning at least $16 an hour. This is a lot better for car makers than a collapse in trade ...

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