By Alan Murray and David Meyer
October 1, 2018

Good morning.

Canada and the U.S. struck an agreement late last night on a replacement for NAFTA, giving the U.S. greater access to the Canadian dairy market and maintaining NAFTA’s dispute resolution mechanism–a win for each side. I’ll be asking Canadian Prime Minister Trudeau about the new deal on opening day of the Fortune Global Forum in Toronto Oct. 15. The Forum is our annual gathering of the CEOs of Fortune Global 500 companies. If you aren’t planning to go, perhaps you should be. Details here.

Also over the weekend, Elon Musk agreed to accept adult supervision, as part of a $20 million settlement with the SEC. Musk will step down as chairman of Tesla but retain the CEO role. The charges stemmed from his August tweet saying he had “secured financing” for a $420-a-share buyout, when in fact he had not.

Finally, anyone who spent the weekend in the U.S can’t possibly have escaped the endless analysis, or perhaps the SNL/Matt Damon parody, of the Brett Kavanaugh hearings. I won’t add to the hubbub, other than to say that Sen. Jeff Flake was right when he said Friday that this is “tearing the country apart.” The irony is that the vast majority of Senators on both sides know how they intend to vote regardless of what the FBI finds—and, indeed, knew before they had ever heard of Christine Blasey Ford. No more than five have indicated they are open to being persuaded by the facts. The “world’s greatest deliberative body” no longer does much deliberating.

More news below.

Alan Murray


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