Mexico Reach NAFTA Deal, Talks With Canada To Begin Immediately

Mexico Reach NAFTA Deal, Talks With Canada To Begin Immediately

Mexico Reach NAFTA Deal, Talks With Canada To Begin Immediately

He also said he wanted to get rid of the name Nafta, which he said has "bad connotations".

Mexico's President Enrique Pena Nieto spoke to Canada's Prime Minister Justin Trudeau on Monday and urged Ottawa to rapidly rejoin the talks with the goal of getting a final NAFTA rewrite this week.

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

Canada, so far, has been excluded from the talks as Mexico and the USA resolve their issues.

Canada, the United States and Mexico have been renegotiating the decades-old trilateral trade pact for more than a year after Trump promised to reform agreement or tear it up during the 2016 presidential campaign. But Trump and U.S. Trade Representative Robert Lighthizer said Monday that they plan to send a Mexico-U.S. deal to Congress by Friday to start the clock on the waiting period.

Canada foreign minister Freeland expected to arrive for talks in Washington shortly - senior u.S. The big question now is whether Canada, the third party to the original deal, will come onboard.

The U.S. push to finish NAFTA talks comes at the same time it's in a spiraling trade war with China, and has threatened to place tariffs on cars imported from major manufacturing centers in Asia and Europe - efforts that have created new uncertainty for many businesses and investors.

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A spokesman for Canadian Foreign Minister Chrystia Freeland issued a statement on Monday that warned against jumping to conclusions.

Trump's announcement was typically thin on details, but according to reporting, the possible deal would represent steps forward on auto manufacturing, increasing the requirement for North American components in cars and requiring a certain percentage of manufacturing to be done by workers being paid $16 an hour or more. The Mexico-U.S. discussions focused on crafting new rules for the automotive industry, which Trump has put at the heart of his drive to rework the pact he has repeatedly described as a "disaster" for American workers.

Trump said the understanding with Mexico could pave the way for Canada to re-enter talks, saying, "We'll see if Canada can be part of deal".

Before the president's announcement, Lightizer and Mexican Secretary of Economy Idelfonso Guajardo walked together into the White House without talking to reporters. "We're going to call it the United States-Mexico trade agreement".

Much of the business world has been anxious about Trump's trade policies, and the stock market reacted positively to the news of a deal.

"For some time now, (Trump) has been very prudent in referring to Mexicans, or he hasn't said offensive things", Lopez Obrador said.

The plan would not contain an automatic expiration for NAFTA as proposed in the prior USA demand for a "sunset clause". He then congratulated him on the new deal with the cameras rolling.

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