U.S. and Canada decry Mexico moves

The U.S. and Canada said Mexico’s nationalist energy policies violate North America’s free-trade deal, with Washington requesting dispute-settlement talks under the agreement and Ottawa saying it will do the same.

Mexico’s moves to prioritize energy from its state utility over private renewables companies, as well as denials and revocations of U.S. firms’ abilities to operate in the country’s energy sector, are among the issues the U.S. is concerned about, the Office of the U.S. Trade Representative said in a statement Wednesday.

“We have repeatedly expressed serious concerns about a series of changes in Mexico’s energy policies and their consistency with Mexico’s commitments” under the USMCA trade deal, Trade Representative Katherine Tai said.

“We have tried to work constructively with the Mexican government to address these concerns, but, unfortunately, U.S. companies continue to face unfair treatment in Mexico.”

Canada said it agrees with the U.S. that Mexico’s policies are inconsistent with its trade-deal obligations, according to a statement from the office of Trade Minister Mary Ng, adding it will launch its own consultations and support the US in its challenge.

Mexican President Andres Manuel Lopez Obrador defended his policies at a daily press conference, saying they were protecting the country against “voracious companies.”

In the face of decades-high inflation, nearly six in 10 U.S. workers are concerned their paycheck is not enough to support them and their family, a poll released Wednesday showed.

The tally was even higher among parents with children under 18, millennials and Hispanic workers, according to the American Staffing Association report.

Among those employed, 58% said they plan to cut back on expenses in the next six months.

Inflation – now at a 40-year high – has driven up costs across the economy, forcing many families to make tough choices.

Gas prices are near record highs and grocery bills continue to climb.

Despite widespread pay raises, average hourly earnings adjusted for inflation were down 3.6% in June from a year ago, the most in records back to 2007.

Egg supplies remain tight

Egg supplies are likely to remain tight even as one of the worst-ever bird flu outbreaks shows signs of slowing, according to Cal-Maine Foods Inc., the biggest U.S. producer.

Prices for large eggs in the U.S. have surged to a record high of over $3 a dozen after an outbreak of avian flu beginning in January resulted in the deaths of more than 30 million commercial and wild birds.

Cal-Maine said in an earnings statement that its egg sales for the quarter that ended May 28 were up 6.3% by volume, with sales of specialty eggs including cage-free rising by 32% to a record while conventional egg sales declined by 3.5%.

From wire reports

With Cal-Maine, which accounts for about a fifth of the U.S. egg market, having no positive cases of bird flu so far at its farms, the company got a boost with its fourth-quarter earnings of $2.25 per share, topping the consensus analyst estimate of $1.89.