As meetings begin and U.S. tariffs loom, Mexico hopes for migration deal

Vehicles and people cross the border bridge into the U.S., as seen from Laredo, Texas June 2, 2019. REUTERS/Carlos Jasso

By Alexandra Alper

WASHINGTON (Reuters) – Mexico can reach an agreement with the United States to resolve a dispute over migration that prompted U.S. President Donald Trump to threaten punitive tariffs, Mexican officials said on Monday as high-level talks were set to begin in Washington.

Trump has proposed the tariffs on Mexican imports to pressure Mexico into action against migrants passing through on the way to the United States, as well as drug cartels.

Mexican President Andres Manuel Lopez Obrador, speaking at his regular morning news conference in Mexico City, also reiterated that he believed a deal could be reached to avert the tariffs.

The Mexican officials, speaking to reporters in Washington, warned that Trump’s tariffs could backfire.

Mexican Foreign Minister Marcelo Ebrard said such tariffs would be devastating and would not stop waves of Central American migrants from crossing the southern U.S. border.

“Tariffs, along with the decision to cancel aid programs to the northern Central American countries, could have a counterproductive effect and would not reduce migration flows,” Mexico’s ambassador to the United States, Martha Barcena, also said at the news conference.

The tariffs also “could cause financial and economic instability,” reducing Mexican authorities’ capacity to address migration flows and “offer alternatives” to migrants fleeing Guatemala, El Salvador and Honduras, she said.

The discussions in Washington will include a meeting of Mexican Agriculture Minister Victor Villalobos and U.S. Agriculture Secretary Sonny Perdue on Monday, Mexican officials said.

U.S. Trade Representative Robert Lighthizer and acting U.S. Homeland Security Secretary Kevin McAleenan also are expected to participate in talks, Mexican officials said.

Mexican Economy Secretary Graciela Marquez and U.S. Commerce Secretary Wilbur Ross will meet this week, as will Ebrard and U.S. Secretary of State Mike Pompeo.

Trump’s latest threat of tariffs further roiled global markets, which are already under pressure amid a trade war between the United States and China.

U.S. stock index futures fell on Monday as the multi-front trade war made investors increasingly risk averse and fueled worries of a recession.

Mexico has cited the economic risk of U.S. tariffs on its goods as it seeks to soothe relations with Washington. A separate trade deal involving Mexico, the United States and Canada also is pending.

Ebrard told reporters Lopez Obrador had not yet decided if he would attend the Group of 20 summit for the world’s leading economies in Japan but would do so this week.

(Reporting by Alexandra Alper and Makini Brice; Additional reporting by Dave Graham in Mexico City; Writing by Susan Heavey; Editing by Chizu Nomiyama and Bill Trott)

Wall St. drops on surprise Mexico tariff threat

Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S. May 31, 2019. REUTERS/Lucas Jackson

By Chuck Mikolajczak

NEW YORK (Reuters) – U.S. stocks dropped on Friday, putting the S&P 500 on track for its first monthly drop of the year after President Donald Trump’s surprise threat of tariffs on Mexico fueled fears increasing trade wars could lead to a recession.

Washington will impose a 5% tariff from June 10, which would then rise steadily to 25% until illegal immigration across the southern border was stopped, Trump tweeted late on Thursday.

Mexican President Andres Manuel Lopez Obrador responded by urging his U.S. counterpart to back down.

“Mexico would probably like to work something out but I don’t think they even know what to work out,” said Tim Ghriskey, Chief Investment Strategist at Inverness Counsel in New York.

“It’s impossible to handicap Trump because something can come out of left field like this and something can go away just as quickly.”

The Dow Jones Industrial Average fell 315.97 points, or 1.26%, to 24,853.91, the S&P 500 lost 33.82 points, or 1.21%, to 2,755.04 and the Nasdaq Composite dropped 97.59 points, or 1.29%, to 7,470.12.

Wall Street’s main indexes are down more than 6% in May, as investors have become increasingly worried about deteriorating trade talks between the U.S. and China trade war and have sought safety in government bonds. Technology and energy have been among the hardest hit sectors since May 3 as Trump ramped up tariff threats with Beijing.

U.S. Treasury yields fell to new multi-month lows. Benchmark 10-year yields dropped as low as 2.145 percent, the lowest since September 2017.

The yield curve, as measured in the gap between three-month and 10-year bond yields, remained deeply inverted. An inversion in the yield curve is seen by some as an indicator that a recession is likely in one to two years.

Of the 11 major S&P sectors, only defensive plays utilities and real estate were the two on the plus side while eight were showing drops of more than 1%.

U.S. carmakers and manufacturers were among the worst hit. General Motors Co dropped 4.16% and Ford Motor Co 2.67%, pushing the consumer discretionary sector 1.43% lower.

Adding to the downbeat mood was Beijing’s warning on Friday that it would unveil an unprecedented hit-list of “unreliable” foreign firms, as a slate of retaliatory tariffs on imported U.S. goods was set to kick in at midnight. Tariff-sensitive industrials declined 1.36%.

Data showed U.S. consumer prices increased by the most in 15 months in April, but a cooling in spending pointed to a slowdown in economic growth that could keep inflation pressures moderate.

The report from the Commerce Department supported the Federal Reserve’s contention that recent low inflation readings were transitory.

Among other stocks, Gap Inc tumbled 10.75%, the most among S&P 500 companies, after the apparel retailer cut its 2019 profit forecast.

Constellation Brands, which has substantial brewery operations in Mexico, slid 6.50%.

Declining issues outnumbered advancing ones on the NYSE by a 2.52-to-1 ratio; on Nasdaq, a 3.20-to-1 ratio favored decliners.

The S&P 500 posted 4 new 52-week highs and 52 new lows; the Nasdaq Composite recorded 12 new highs and 210 new lows.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)

Trump will make ‘dramatic’ statement about border this week

U.S. President Donald Trump boards Air Force One for travel to Colorado from Joint Base Andrews, Maryland, U.S. May 30, 2019. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) – U.S. President Donald Trump said on Thursday he will make a “dramatic” statement about the country’s southern border with Mexico either later on Thursday or on Friday.

He told reporters the statement would be his biggest on the issue to date and would be about people crossing the border illegally.

“This is a big-league statement, but we are going to do something very dramatic on the border,” Trump said, adding he was not closing the border.

Trump has made immigration a cornerstone of his presidency after promising on his election campaign trail to build a wall along the U.S. border with Mexico.

Still, he has struggled to win enough support from lawmakers in the House and Senate to change immigration policy or to garner funds to build the wall.

In February, he declared a national emergency on the border with Mexico in order to access funds to build the wall. But last week, a federal judge blocked some of the funds Trump had sought to use for construction of the wall.

(Reporting by Steve Holland; Writing by Makini Brice; Editing by Bernadette Baum)

Pentagon set to send 300 more troops to Mexico border, some in contact with migrants

FILE PHOTO: U.S. Military troops return from a test deployment with U.S. Customs and Border Protection agents after conducting a large-scale operational readiness exercise at the San Ysidro port of entry with Mexico in San Diego, California, U.S., January 10, 2019. REUTERS/Mike Blake

By Idrees Ali

WASHINGTON(Reuters) – The Pentagon said on Friday that it expected to send about 300 additional troops to the border with Mexico including roughly 100 cooks who would hand out meals, breaking with past policy to avoid troops coming in contact with migrants.

The move is the latest sign of a growing U.S. military support role for President Donald Trump’s politically charged immigration policies.

Earlier this month, Trump said he would have to mobilize more of the military at the U.S. border with Mexico after listening to stories about migrants crossing the border from people attending a Republican fundraiser.

The Pentagon has previously said there were no plans for U.S. forces to interact with migrants as they support border agents dealing with illegal immigration.

In addition to the cooks, the Pentagon is expected to send 160 drivers and 20 lawyers, Pentagon spokesman Charlie Summers said.

“We will have some of our troops handing out meals, therefore would come in contact with migrants,” Summers said. He said it was an “amendment to the current policy.”

There are currently about 5,000 active-duty and National Guard troops near the border, though that number fluctuates.

There has been increasing concern about the military playing a growing role on the border with Mexico.

The Posse Comitatus Act, a federal law on the books since the 1870s, restricts using the U.S. Army and other main branches of the military for civilian law enforcement on U.S. soil, unless specifically authorized by Congress.

But the military can provide support services to law enforcement and has done so on occasion since the 1980s.

Earlier this month six Mexican military personnel questioned two U.S. Army soldiers near Clint, Texas. A U.S. military investigation found the American soldiers were in U.S. territory during the incident, while the Mexican personnel believed they were south of the border.

Trump has made immigration a signature issue of his presidency and of his re-election campaign. He declared a national emergency over the issue earlier this year in an effort to redirect funding from Congress to build a wall along the U.S. southern border.

On Wednesday, Trump reiterated threats to close part of the U.S.-Mexico border if Mexico doesn’t block what described as a new caravan of migrants headed north.

(Reporting by Idrees Ali; Editing by Alistair Bell)

FBI arrests leader of armed group stopping migrants in New Mexico

FILE PHOTO: U.S. soldiers walk next to the border fence between Mexico and the United States, as migrants are seen walking behind the fence, after crossing illegally into the U.S. to turn themselves in, in El Paso, Texas, U.S., in this picture taken from Ciudad Juarez, Mexico, April 3, 2019. The writing on the wall reads, "Help us Jesus Christ." REUTERS/Jose Luis Gonzalez/File Photo

By Andrew Hay

TAOS, N.M. (Reuters) – The FBI on Saturday said it had arrested Larry Hopkins, the leader of an armed group that is stopping undocumented migrants after they cross the U.S.-Mexico border into New Mexico.

The arrest came two days after the American Civil Liberties Union (ACLU) accused the group of illegally detaining migrants and New Mexico’s Democratic Governor Michelle Lujan Grisham ordered an investigation.

Hopkins, 69, also known as Johnny Horton, was arrested in Sunland Park, New Mexico, on a federal complaint charging him with being a felon in possession of firearms and ammunition, the Federal Bureau of Investigation said in a statement.

“We’re not worried about it, he’s going to be cleared,” said Jim Benvie, a spokesman for the United Constitutional Patriots (UCP), blaming his arrest on political pressure from Lujan Grisham.

Hopkins is the “national commander” of the UCP, which has had around half a dozen members camped out on a rotating basis near Sunland Park since late February.

PATRIOTS OR FASCISTS?

The UCP describes itself as a “patriot group” helping U.S. Border Patrol cope with record numbers of Central American families crossing the border to seek asylum.

Dressed in camouflage and carrying rifles, UCP members have helped U.S. Border Patrol detain over 5,600 migrants in the last two months, Benvie said. Videos posted online by the group show members telling migrants to stop, sit down, and wait for agents to arrive. Critics accuse the UCP of impersonating law enforcement.

Crowdfunding sites PayPal and GoFundMe on Friday barred the group, citing policies not to promote hate or violence, after the ACLU called the UCP a “fascist militia.”

“Today’s arrest by the FBI indicates clearly that the rule of law should be in the hands of trained law enforcement officials, not armed vigilantes,” New Mexico Attorney General Hector Balderas said in a statement of Hopkins’s arrest.

Hopkins was previously arrested in Oregon in 2006 on suspicion of impersonating a police officer and being a felon in possession of a firearm, according to the Southern Poverty Law Center.

NO STANDOFFS

U.S. Customs and Border Protection (CBP) said in a statement it did not support citizens taking law enforcement into their own hands and instead encouraged the public to be its eyes and ears on the border.

Benvie said the UCP was doing just that and had the support of local Border Patrol and police.

Mostly military veterans, UCP members carry weapons for self-defense and at no time pointed guns at migrants, as they have been accused of, Benvie said.

Despite having funding sources cut off, Benvie said the group’s online support had swelled since it came under attack this week. Its Facebook followers have more than doubled since Thursday.

Asked what the group would do if told to leave by state police, Benvie said they would probably go and, if they felt the order violated their constitutional rights, sue the state of New Mexico.

“There’s not going to be any standoffs, this isn’t the Bundy Ranch,” Benvie said, in reference to a 2014 armed confrontation in Nevada.

(Reporting by Andrew Hay in Taos, New Mexico; Editing by Chizu Nomiyama and Christopher Cushing)

Trump attorney general’s ruling expands indefinite detention for asylum seekers

FILE PHOTO: U.S. Attorney General William Barr testifies before a Senate Appropriations Subcommittee hearing in Washington, U.S. April 10, 2019. REUTERS/Erin Scott/File Photo

By Mica Rosenberg and Kristina Cooke

NEW YORK/SAN FRANCISCO (Reuters) – The U.S. Attorney General on Tuesday struck down a decision that had allowed some asylum seekers to ask for bond in front of an immigration judge, in a ruling that expands indefinite detention for some migrants who must wait months or years for their cases to be heard.

The first immigration court ruling from President Donald Trump’s newly appointed Attorney General William Barr is in keeping with the administration’s moves to clamp down on the asylum process as tens of thousands of mostly Central Americans cross into the United States asking for refuge. U.S. immigration courts are overseen by the Justice Department and the Attorney General can rule in cases to set legal precedent.

Barr’s ruling is the latest instance of the Trump administration taking a hard line on immigration. This year the administration implemented a policy to return some asylum seekers to Mexico while their cases work their way through backlogged courts, a policy which has been challenged with a lawsuit.

Several top officials at the Department of Homeland Security were forced out this month over Trump’s frustrations with an influx of migrants seeking refuge at the U.S. southern border.

Barr’s decision applies to migrants who crossed illegally into the United States.

Typically, those migrants are placed in “expedited removal” proceedings – a faster form of deportation reserved for people who illegally entered the country within the last two weeks and are detained within 100 miles (160 km) of a land border. Migrants who present themselves at ports of entry and ask for asylum are not eligible for bond.

But before Barr’s ruling, those who had crossed the border between official entry points and asked for asylum were eligible for bond, once they had proven to asylum officers they had a credible fear of persecution.

“I conclude that such aliens remain ineligible for bond, whether they are arriving at the border or are apprehended in the United States,” Barr wrote.

Barr said such people can be held in immigration detention until their cases conclude, or if the Department of Homeland Security (DHS) decides to release them by granting them “parole.”DHS has the discretion to parole people who are not eligible for bond and frequently does so due to insufficient detention space or other humanitarian reasons.

Barr said he was delaying the effective date by 90 days “so that DHS may conduct the necessary operational planning for additional detention and parole decisions.”

The decision’s full impact is not yet clear, because it will in large part depend on DHS’ ability to expand detention,” said Steve Vladeck, a law professor at the University of Texas.

“The number of asylum seekers who will remain in potentially indefinite detention pending disposition of their cases will be almost entirely a question of DHS’s detention capacity, and not whether the individual circumstances of individual cases warrant release or detention,” Vladeck said.

DHS officials did not immediately respond to a request for comment on the decision. The agency had written in a brief in the case arguing that eliminating bond hearings for the asylum seekers would have “an immediate and significant impact on…detention operations.”

In early March, Immigration and Customs Enforcement (ICE), the DHS agency responsible for detaining and deporting immigrants in the country illegally, said the average daily population of immigrants in detention topped 46,000 for the 2019 fiscal year, the highest level since the agency was created in 2003. Last year, Reuters reported that ICE had
“modified a tool officers have been using since 2013 when deciding whether an immigrant should be detained or released on bond, making the process more restrictive.”

The decision will have no impact on unaccompanied migrant children, who are exempt from expedited removal. Most families are also paroled because of a lack of facilities to hold parents and children together. 

Michael Tan, from the American Civil Liberties Union, said the rights group intended to sue the Trump administration over the decision, and immigrant advocates decried the decision.

Barr’s decision came after former Attorney General Jeff Sessions decided to review the case in October. Sessions resigned from his position in November, leaving the case to Barr to decide.

(Reporting by Mica Rosenberg in New York and Kristina Cooke in San Francisco; additional reporting by Yeganeh Torbati in Washington; Editing by Lisa Shumaker)

Trump threatens tariffs if Mexico does not help with immigration, drugs

U.S. President Donald Trump speaks during the "White House Opportunity and Revitalization Council" meeting in the Cabinet room at the White House in Washington, U.S., April 4, 2019. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) – President Donald Trump threatened on Thursday to put tariffs on cars coming from Mexico into the United States if Mexico does not continue to help Washington deal with the immigration and drug situation along the southern U.S. border.

Trump told reporters at the White House he would put tariffs on cars or close the border, but he said he may start with the tariffs. He also said he would give Mexico a year to try to stop the flow of drugs before putting tariffs in place.

“A lot of good things are happening with Mexico. Mexico understands that we’re going to close the border, or I’m going to tariff the cars,” Trump told reporters at the White House.

Trump said he would “probably start off with the tariffs – that will be a very powerful incentive.”

Trump warned last Friday that he would close the U.S. border with Mexico this week unless Mexico took action to help stop the flow of illegal migrants across the frontier.

Trump said on Thursday that media coverage in recent days has prompted Mexico to take action to curb the flow of immigrants to the United States and take other action to ease the pressure on U.S. ports of entry.

(Reporting by Jeff Mason; Writing by David Alexander; Editing by David Gregorio)

Trump again threatens Mexico border closure, seeks Congress action

U.S. President Donald Trump speaks at the National Republican Congressional Committee Annual Spring Dinner in Washington, U.S., April 2, 2019. REUTERS/Joshua Roberts

WASHINGTON (Reuters) – President Donald Trump again threatened on Wednesday to close the U.S. border with Mexico, this time calling on Congress to take steps immediately to deal with immigration and security loopholes that he says are creating a national emergency.

“Congress must get together and immediately eliminate the loopholes at the Border!” Trump wrote in a Twitter post. “If no action, Border, or large sections of Border, will close. This is a National Emergency!”

Trump has repeatedly threatened to close the border to stem what he calls a tide of illegal immigration. On Friday, he said he would close the border this week unless Mexico took steps to stop illegal migration.

The threat drew an outcry from business leaders and others, who said the move could disrupt legal crossings and billions of dollars in trade. The U.S. Chamber of Commerce, the largest U.S. business lobbying group, said it contacted the White House to discuss the negative impact of a border closure.

Trump took a step back on Tuesday, saying action by Mexico in recent days had eased pressure on U.S. ports of entry. But he revived the closure warning on Wednesday in a bid to pressure Congress to act.

White House adviser Mercedes Schlapp said on Wednesday that progress is being made with Mexico on immigration issues but she declined to comment on whether the border would be closed this week.

“Our resources are being stretched thin. The system is overwhelmed,” she told reporters at the White House. “We are seeing our border patrol commissioner make it very clear that we are at a breaking point.”

Trump has made fighting illegal immigration from Mexico a key part of his agenda but shutting down one of the world’s most used borders might be a step too far even for many of his fellow Republicans.

Senate Republican leader Mitch McConnell said on Tuesday that closing the border could have devastating economic consequences, and joined his Democratic colleagues in warning Trump against such a move.

The White House is looking closely at ways to lessen the economic impact of a border shutdown, Trump economic adviser Larry Kudlow said on Wednesday.

(Reporting by David Alexander, Jeff Mason and Alexandra Alper; Writing by Doina Chiacu; Editing by David Gregorio and Alistair Bell)

White House softens tone after threat to close border with Mexico

A U.S. Customs and Border Protection (CBP) agent cast his shadow on a plaque marking the boundaries of Mexico and United States, at Paso del Norte international border crossing bridge, in Ciudad Juarez, Mexico April 1, 2019. REUTERS/Jose Luis Gonzalez

By Steve Holland and Roberta Rampton

WASHINGTON (Reuters) – The White House took a step back from its threat to close the southern U.S. border on Tuesday, saying Mexico has begun to take actions to address the immigration problem on its end.

White House spokeswoman Sarah Sanders said the Trump administration sees Mexico “stepping up and taking a greater sense of responsibility” for dealing with the immigration flows that U.S. officials say are overwhelming ports of entry along the border.

“They have started to do a significant amount more. We’ve seen them take a larger number of individuals” and hold those who have asylum claims in Mexico while they are being processed in the United States, Sanders told reporters at the White House.

“We’ve also seen them stop more people from coming across the border so that they aren’t even entering into the United States. So those two things are certainly helpful and we’d like to see them continue,” Sanders said.

Trump hinted at the shift earlier in a Twitter post earlier on Tuesday. “After many years (decades), Mexico is apprehending large numbers of people at their Southern Border, mostly from Guatemala, Honduras and El Salvador,” he said.

Trump threatened on Friday to close the border with this week unless Mexico took steps to stop immigrants from reaching the United States illegally. Closing the border with Mexico could disrupt millions of legal border crossings and billions of dollars in trade.

Sanders said the administration was “looking at all options when it comes to closing the different ports of entry, what that looks like and what the impacts would be.”

She told Fox News the administration wanted Mexico to continue working to address the issue so “we aren’t forced to take drastic action like closing the ports of entry at our border.”

She said the administration’s Council of Economic Advisers is doing studies on the impact of closing different ports of entries to give Trump some options.

(Reporting by Roberta Rampton and Steve Holland; Writing by David Alexander; Editing by Tim Ahmann and Alistair Bell)

Trump threatens to close U.S. border with Mexico next week

U.S. President Donald Trump arrives to speak at a campaign rally in Grand Rapids, Michigan, U.S., March 28, 2019. REUTERS/Joshua Roberts

By Yeganeh Torbati and Jeff Mason

WASHINGTON/LAKE OKEECHOBEE, Fla. (Reuters) – President Donald Trump threatened on Friday to close the U.S. border with Mexico next week, potentially disrupting millions of legal border crossings and billions of dollars in trade if Mexico does not stop immigrants from reaching the United States.

“We’ll keep it closed for a long time. I’m not playing games. Mexico has to stop it,” Trump said on a visit to Florida. Asked if he would close the Mexican border to all trade, Trump told reporters: “It could be to all trade.”

Trump has repeatedly vowed to close the U.S. border with Mexico during his two years in office and has not followed through. But this time the government is struggling to deal with a surge of asylum seekers from countries in Central America who travel through Mexico.

Department of Homeland Security officials warned that traffic with Mexico could slow as the agency shifts 750 border personnel from ports of entry to help process asylum seekers who are turning up between official crossing points.

“Make no mistake: Americans may feel effects from this emergency,” Homeland Security Secretary Kirstjen Nielsen said in a statement. Nielsen said the personnel shift would lead to commercial delays and longer wait times at crossing points.

Nielsen and other U.S. officials say border patrol officers have been overwhelmed by a dramatic increase in asylum seekers, many of them children and families, fleeing violence and economic hardship in El Salvador, Honduras and Guatemala.

March is on track for 100,000 border apprehensions, the highest monthly number in more than a decade, U.S. Customs and Border Protection Commissioner Kevin McAleenan said on Wednesday. Some 90,000 will be able to remain in the United States while their asylum claims are processed, he said.

Mexico played down the possibility of a border shutdown.

“Mexico does not act on the basis of threats. We are a great neighbor,” Mexican Foreign Minister Marcelo Ebrard said on Twitter.

It is not clear how shutting down ports of entry would deter asylum seekers, as they are legally able to request help as soon as they set foot on U.S. soil.

But a border shutdown would disrupt tourism and commerce between the United States and its third-largest trade partner, which totaled $612 billion last year, according to the U.S. Census Bureau.

“We’d be looking at losses worth billions of dollars,” said Kurt Honold, head of CCE, a business group in Tijuana, Mexico, in response to Trump’s threat. “It’s obvious he’s not measuring what he says.”

U.S. ports of entry recorded 193 million pedestrian and vehicle-passenger crossings last year, according to the U.S. Department of Transportation.

As president, Trump has legal authority to close particular ports of entry, but he could be open to a legal challenge if he decided to close all of them immediately, said Stephen Legomsky, a former chief counsel at U.S. Citizenship and Immigration Services under Democratic President Barack Obama.

Trump is trying to convince Congress to sign off on a revised trade agreement with Mexico and Canada that his administration negotiated last year.

“Mexico has for many years made a fortune off of the U.S., far greater than Border Costs. If Mexico doesn’t immediately stop ALL illegal immigration coming into the United States through our Southern Border, I will be CLOSING the Border, or large sections of the Border, next week,” he said on Twitter.

Trump launched his presidential bid in June 2015 with a promise to crack down on illegal immigration, saying Mexico was sending rapists and drug runners into the United States.

Mexican President Andres Manuel Lopez Obrador said on Thursday that tackling illegal immigration is an issue chiefly for the United States and the Central American countries to address.

Trump has so far been unable to convince Congress to tighten asylum laws or fund a proposed border wall, one of his signature policies. Trump has declared a national emergency to justify redirecting money earmarked for the military to pay for its construction.

(Reporting by Yeganeh Torbati and Jeff Mason; Additional reporting by David Alexander, Anthony Esposito, Lizbeth Diaz and Andy Sullivan; Writing by Andy Sullivan; Editing by Tim Ahmann and Grant McCool)