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NAFTA talks begin; Retail earnings; Consumer confidence

NAFTA explained

1. NAFTA talks begin: The first round of talks to renegotiate the North American Free Trade Agreement are set to begin on Wednesday and last through Sunday, August 20.

President Trump promised to change the terms of the trade pact between the United States, Canada and Mexico during his campaign. He blamed NAFTA for moving manufacturing jobs to Mexico and has called it "the worst trade deal maybe ever signed anywhere." But nonpartisan congressional research found in 2015 that NAFTA did not lead to mass job loss.

The administration wants a deal that will lower the U.S trade deficit with Mexico, tighten labor laws and raise the value-added tax threshold for e-commerce purchases made in Mexico.

About 14 million U.S. jobs depend on trade with Canada and Mexico, and over $1 billion of...