The main source of the renewed weakness in economic activity seems to be related to a slowdown in international trade, as evidenced by flat export demand seen by Asia, which triggered an involuntary build-up in inventories in the manufacturing sector.

FORBES: Rich Countries Making World Weaker

Relations between Mexico and China have been tense since China's emergence as an export powerhouse and challenging rival for the Latin American country in the global trade arena, though Mexico has recently recovered some lost ground due to rising labor costs in China.

WSJ: China's Xi Comes Calling on Americas

Mr. Obama's emphasis on pursuing new pacts comes as he makes his way through an export-dependent region that has grown nervous about his trade policy, and skeptical about his willingness to use political capital at home to support free trade.

WSJ: Obama Carries a Message to Asia