USA and Mexico Tentatively Set to Replace NAFTA With New Deal

U.S. and Mexico make NAFTA breakthrough, increasing chances of final deal

U.S. and Mexico make NAFTA breakthrough, increasing chances of final deal

President Trump announced a tentative trade deal Monday with Mexico to replace the three-way North American Free Trade Agreement, which he called a big win for USA workers and his get-tough trade agenda. Canada has not yet agreed to join the agreement, and Trump said on Monday that he would be in touch with Canadian Prime Minister Justin Trudeau "very soon" to discuss Canada's participation in a new deal.

"We made it much simpler", Trump said in the Oval Office announcement, surrounded by Guajardo, Mexico's Foreign Minister Luis Videgaray and US Trade Representative Robert Lighthizer. He explained he plans to terminate the North American Free Trade Agreement and replace it with "the United States-Mexico Trade Agreement".

Trump told reporters in July that he had a 30-minute phone call with Lopez Obrador, who assumes office on December 1, about trade, border security and a potential U.S. -Mexico trade deal.

Trump understood the simple math that countries with which we have trade deficits would have to come to the negotiating table.

Trump also stated that he will use the prospect of auto tariffs to get a bilateral deal done with Canada.

Negotiations on rewriting the three-country NAFTA agreement began about a year ago.

The new deal will be called the United States-Mexico Trade Agreement, Trump said Monday.

Trump is expected to send formal notice to the U.S. Congress by the end of the week about his intentions to sign a new trade agreement within 90 days, which would give Mexican President Enrique Pena Nieto time to sign the deal before he leaves office, the senior U.S. trade official said.

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The agreement between the United States and Mexico on Monday was a significant marker in the yearlong effort to renegotiate the trilateral trade pact, sweeping away key obstacles impacting the USA and Mexico that had held up trilateral talks.

"I think with Canada, frankly, the easiest thing we can do is to tariff their cars coming in". He threatened to impose new taxes on Canadian auto imports to intensify pressure on Ottawa to a agree to deal to Trump's liking.

Trump has repeatedly indicated he would prefer to reach bilateral agreements with Canada and Mexico, but the two countries have maintained a united front that a trilateral agreement is the only one they will sign.

One of the most fundamental parts of Trump's campaign for president was his promise to change America's deeply flawed trade arrangements. Yet the preliminary agreement announced Monday is far from final.

Guajardo said on Sunday that the three sides would need to work at least another week once Canada rejoined the talks.

Advisers of incoming President Lopez Obrador hailed the new deal, saying it represented progress on energy and wages for Mexico's workers.

Footage of Trump attempting to connect the call went viral among journalists, pundits and political observers.

Trump used his announcement on Monday to gripe about Canadian tariffs on American dairy products.

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