Jan 19, 2017

Big in Business: Trump admin puts NAFTA on high alert

Eric Gay / AP

NAFTA renegotiations will be Ross' top priority

During confirmation hearings Wednesday, Commerce Secretary-nominee Wilbur Ross told Senators that "NAFTA [renegotiation] is logically the first thing" his department will address if he is confirmed.

The Toronto Globe and Mail reports that Ross has already alerted Canadian officials of his intent to formally renegotiate the terms of NAFTA. Among other steps, Ross will seek to tighten rules on what products can cross borders duty-free based on how much content produced outside the trade zone those products contain.

A high-profile target of these negotiations will be auto companies with operations in Mexico, which often purchase inputs from China before selling end products to U.S. consumers.

CFPB sues student-loan giant Navient

The Consumer Financial Protection Bureau says it's suing the nation's largest servicer of student loans for pushing its customers into more expensive repayment options in order to cut down on paperwork and boost profits. Navient says that the CFPB gave it an ultimatum to settle by inaguration or get sued. It will fight the action in court, on the hope that a GOP-dominated Washington will defang the consumer watchdog.

Even cheaper than economy class

American Airlines is the latest major carrier to announce its "basic economy" tier that will provide fliers rock-bottom fares. The catch is that passengers will not be able to choose their seats or upgrade those seats regardless of their elite status, and will be allowed only one carry on to be stowed underneath the seat.

Delta Airlines rolled out a similar program late last year, and United Continental gave details of their forthcoming program in a call with analysts on Wednesday.

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