Citigroup Says Everyone Gets Hurt If U.S. Abandons Nafta Accord
- Modern version of trade agreement needed, Fraser says
- With Citibanamex, Mexico is Citi’s largest foreign market
Photographer: David Maung/Bloomberg
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Citigroup Inc., owner of Mexico’s second-largest bank, said the Latin American nation would suffer along with the U.S. and Canada if the Trump administration abandons the North American Free Trade Agreement.
“We certainly hope it doesn’t happen because it’s a negative for all three countries and it has a material impact on manufacturing and supply chains,” Jane Fraser, chief executive officer of the bank’s Latin American unit, said Tuesday at a conference sponsored by Credit Suisse Group AG in Florida. “We hope that all partners remain at the table because I think there is a significant win-win from a modernized version.”