Canada and Mexico unite on trade

Summary

Marketplace Morning Report – "Canada and Mexico Unite on Trade"

Date: September 19, 2025
Host: Stuart Clarkson (BBC World Service)
Key Reporter/Guests: Katie Silver, Dan Rowan, Adrienne Murray, plus industry experts

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Episode Overview

This compact international business news round-up covers the strategic alignment between Canada and Mexico in response to U.S. tariff pressures, takes a closer look at the global ticket resale controversy, and spotlights pioneering efforts in Sweden to decarbonize the steel industry. The episode blends succinct reporting and expert commentary, providing listeners with an up-to-the-minute understanding of major economic stories, all ahead of the day's U.S. market opening.

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1. Canada and Mexico Forge Closer Trade Ties

Segment Start: 01:30

Key Points:

• Diplomatic Visit: Canadian Prime Minister Mark Carney meets Mexican President Claudia Sheinbaum in Mexico, their first meeting since last year's diplomatic tensions.
• Tariff Pressures: Both countries face significant new U.S. tariffs (50% on Canadian steel, 25% on Mexican pharmaceuticals), which provides impetus for solidarity.
• Reset in Relations: The tone between leaders is notably warmer, with mutual pledges to strengthen trade ties and displays of goodwill.
• Trade Data: Current annual trade between Mexico and Canada stands at approximately $40 billion.
• Security Issues: Talks also encompass border security and transnational organized crime—issues heightened by the U.S. administration, particularly former President Trump's use of these topics to justify tariffs.
• Delicate Balancing Act: Analysts observe that while unity is the objective, both countries must avoid appearing to collectively oppose U.S. interests.

Notable Quotes:

• "It certainly could have been quite an awkward meeting. But it does seem like things have improved. The two leaders exchanged gifts and pleasantries, and Canada pledged that it was going to be boosting trade with Mexico."
  — Katie Silver, BBC ([02:01])

• "One analyst told us that they see it as quite a subtle dance—that attempt to show unity with each other without trying to gang up on the U.S."
  — Katie Silver, BBC ([02:39])

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2. Global Business Headlines & Market Moves

Segment Start: 02:58

Key Points:

• Intel's Surge: Intel shares leap 22.8%, the biggest rise since 1987, after Nvidia announces a $5 billion investment.
• Ford Recall: Ford recalls nearly 102,000 Taurus cars over door trim defect.
• Ticketmaster Antitrust Suit: U.S. regulators sue Ticketmaster and Live Nation for allegedly illegal ticket resale practices—mirrored by similar issues in the UK.

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3. Ticket Resale Scandals in Sports

Segment Start: 03:43

Key Points:

• BBC Investigation: Over 33,000 tickets for four Premier League soccer games found listed on unauthorized overseas websites—most at huge markups.
• Availability Despite Sell-Outs: Even major matches, like the Manchester Derby, are accessible at inflated prices despite being officially sold out.
• Concerns Raised: The Football Supporters’ Association calls findings "very concerning", with some clubs pushing for legal changes to curb the resale market.

Memorable Moment:

• “We were able to buy a ticket just days before the game at three times the standard price.”
  — Dan Rowan, BBC Sport ([04:03])

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4. Sweden’s Green Steel Revolution

Segment Start: 04:19

Key Points:

• Steel & Emissions: Steel industry responsible for ~8% of global greenhouse gas emissions; steelmaking in Sweden alone causes 10% of the nation's carbon footprint.
• Green Technology: Swedish steelmaker SSAB pilots a new method replacing coal with hydrogen, slashing carbon emissions by 90%.
• Industry Collaboration: The project involves SSAB, energy firm Vattenvall, and other partners. The Hybrit process is globally significant as it proves fossil-free energy can be used in ironmaking.
• Challenges Remain: Scaling up the technology faces financial and regulatory hurdles, and green steel costs more than conventional methods.
• Customer Demand & Legislation: Strict European rules on carbon are making green steel economically viable, with pre-sales proving market interest.

Expert Insights & Quotes:

• “This is the first plant in the world that has managed to prove that you can use fossil free energy instead of coal in the iron making.”
  — Michael Nordlander, Vattenvall ([05:39])

• “You need green electricity, you need the electrolyzer technology and of course, if you have multiple stakeholders, all need to move at the same speed to make it happen.”
  — Nicole Voigt, Boston Consulting Group ([06:34])

• “We have sold half of our production already of the green steel here in our plant.”
  — Henrik Henriksen, CEO of Stegra ([07:09])

Big Picture:

• Sweden aims for European leadership in green steel, while legislation and industry drive a shift away from “dirty brown steel.”

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5. Notable Quotes & Timestamps (Summary Table)

| Time | Speaker | Quote | |----------|-----------------|----------------------------------------------------------------------------------------| | 02:01 | Katie Silver | "It certainly could have been quite an awkward meeting. But it does seem like things have improved." | | 02:39 | Katie Silver | "Quite a subtle dance—that attempt to show unity with each other without trying to gang up on the U.S." | | 04:03 | Dan Rowan | "We were able to buy a ticket just days before the game at three times the standard price." | | 05:39 | Michael Nordlander | "This is the first plant in the world that has managed to prove that you can use fossil free energy instead of coal in the iron making." | | 06:34 | Nicole Voigt | "You need green electricity, you need the electrolyzer technology... all need to move at the same speed." | | 07:09 | Henrik Henriksen| "We have sold half of our production already of the green steel here in our plant." |

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6. Conclusion

This episode delivers a snapshot of shifting alliances and technological progress on the global stage:

• Canada and Mexico draw closer under pressure, balancing diplomacy with economic strategy.
• The battle against unauthorized ticket resale stretches beyond music and sports, raising questions of fairness and regulation.
• Sweden’s pioneering of green steel offers a vision of industrial decarbonization—one with global implications but not without obstacles.

Listeners gain an informed perspective on both macroeconomic policy and the granular details of business innovation, all with expert commentary and on-the-ground reporting.

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Transcript

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[Stuart Clarkson]

Canada and Mexico unite on trade amid pressure from their shared neighbor. Live from the UK this is the Marketplace Morning Report from the BBC World Service. I'm Stuart Clarkson. Good morning. We'll start today in Mexico, where trade talks have taken place between the country's president and the prime minister of Canada. Claudia Sheinbaum and Mark Carney agreed to deepen ties as both countries face new tariffs from their neighbor. The for example, 50% on Canadian steel and 25% on Mexican pharmaceuticals. BBC's Katie Silver's been following this for Marketplace.

[Katie Silver]

This is actually Carney's first visit to Mexico since we saw tensions flaring up last year. Canadian officials accused of trying to get their own separate trade deal with the US Rather than respecting the usmca, which is the trade deal that binds all of North America. Now, Mexico's leader at the time said that Canada, quote, could only wish they had the cultural riches that Mexico has. So it certainly could have been quite an awkward meeting. But it does seem like things have improved. The two leaders exchanged gifts and pleasantries, and Canada pledged that it was going to be boosting trade with Mexico. So far, trade between the two valued at about $40 billion last year. There was also conversation held about border security, as well as what they call transnational organized crime, which is the issue that President Trump has used to justify tariffs on both countries. One analys told us that they see it as quite a subtle dance that attempt to show unity with each other without trying to gang up on the.

[Stuart Clarkson]

U.S. that's Katie Silver. Let's do the numbers now. And shares in intel closed up 22.8% last night, its biggest daily gain since October 1987, this after Nvidia said it would invest $5 billion in the firm. And Ford is recording nearly 102,000 of its Taurus cars in the States because of a defect that could cause the door trim to detach while driving. Now, US Regulators have sued Ticketmaster and parent company Live Nation, accusing the firms of employing illegal ticket resale tactics. But it's not just an issue in the US A BBC investigation has found that tens of thousands of tickets for soccer games in England's Premier League are listed on unauthorised resale websites. The BBC's Dan Rowan has the story.

[Dan Rowan]

BBC Sport discovered almost 33,000 tickets were listed on overseas websites for the four top flight games. We purchased tickets for almost all priced well above face value. That included the Manchester Derby, a match officially sold out weeks ago. But we were able to buy a ticket just days before the game at three times the standard price. The Football Supporters association says the BBC's findings are very concerning. While some clubs insist they're taking the issue seriously, but some also want a change in the law in order to tackle sites that seem to be making it harder than ever for regular fans to go and watch their teams.

[Stuart Clarkson]

That's Dan Rown reporting. Now we're heading to Sweden, where a pilot scheme is trying to make the production of steel more environmentally friendly. Around 8% of global greenhouse gas emissions are from the steel industry. Because of the use of coal, scientists and engineers are now looking to switch to hydrogen instead. As the BBC's Adrienne Murray reports.

[Adrienne Murray]

Sparks fly in temperatures soar above 1400 degrees inside the fuel fiery heart of a huge plant run by Swedish steel giant ssab. In traditional steel making, super hot glass furnaces like this one are used to extract iron from ore. But it's a process that also creates large amounts of greenhouse gases. Here in Sweden, steel making is the cause of a tenth of the country's carbon footprint. Eva Peterson, its head of research and innovation. It's ssab. The chemical reaction that happens here using.

[Industry Experts (Michael Nordlander, Nicole Voigt, Henrik Henriksen)]

Coal to reduce the iron ore makes.

[Adrienne Murray]

It emit a lot of carbon dioxide. Close by, a pilot plant is producing low emission iron for new greener steel making and three companies are involved. Among them is Swedish energy firm Vattenvall and Michael Nordlander is head of industry Decarbonisation.

[Industry Experts (Michael Nordlander, Nicole Voigt, Henrik Henriksen)]

This is the first plant in the world that has managed to prove that you can use fossil free energy instead of coal in the iron making.

[Adrienne Murray]

Coal has been swapped out entirely and replaced by a process called hybrid, meaning hydrogen breakthrough iron making technology.

[Industry Experts (Michael Nordlander, Nicole Voigt, Henrik Henriksen)]

It's where we make the hydrogen. This is really the centerpiece of what's new to this technology.

[Adrienne Murray]

This method slashes the carbon footprint by over 90%. In the next few years, Hybrit will be scaled up while SSAB will invest in electric furnaces powered by green energy. However, firing up a new green steel industry in Sweden and elsewhere in Europe has faced hurdles with delays, financial setbacks and cheaper competition. Nicole Voigt is managing director and partner at Boston Consulting Group. It's not only the steel industry which needs to transform. You need green electricity, you need the electrolyzer technology and of course, if you have multiple stakeholders, all need to move at the same speed to make it happen. Little over half an hour away, a mega construction site is rising up outside the town of Bowden, run by another firm startup Stegra. This will be Europe's first large scale green steel plant. While green steel sounds like a no brainer, the process is more costly. But CEO Henrik Henriksen says his customers are willing to pay.

[Industry Experts (Michael Nordlander, Nicole Voigt, Henrik Henriksen)]

Already by 2030, the legislature in Europe has put a price on carbon and they have also started to charge that cost of the pollution on the dirty brown steel. We have sold half of our production already of the green steel here in our plant.

[Adrienne Murray]

Green steel may be a drop in the ocean for now, but here in Sweden, it's hoped it could revolutionize a dirty industry. I'm the BBC's Adrian Murray from Marketplace.

[Stuart Clarkson]

And our producer today was Neil Morrow. In the uk, I'm Stuart Clarkson with the Marketplace morning report from the BBC World Service. Thanks to you for listening. Have a great Friday and enjoy your weekend when it comes.

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