U.S., Mexico reach NAFTA deal; talks with Canada to start immediately

U.S. And Mexico Reach Trade Deal; Trump Wants To Drop NAFTA Name

He heralded "very positive progress" on auto trade provisions reached by the USA and Mexico, but flatly rejected United States demands to dismantle or greatly open up access to Canada´s supply-managed dairy market in a revamped North American Free Trade Agreement (NAFTA).

Canadian Prime Minister Justin Trudeau stressed in a phone call with Trump that the aim is to reach a new NAFTA deal.

"With Canada, we will start negotiations shortly".

"There's a lot of documents and a lot of texts to dig into in terms of what has been worked on by Mexico and the United States", Trudeau said in Montreal-area Longueuil.

The U.S. Chamber of Commerce, Business Roundtable and National Retail Federation were among the groups calling for the the U.S.to reach a deal with both countries rather than separate pacts, as President Donald Trump has suggested. He previously called it a "terrible deal". "Maybe the largest trade deal ever made".

"It's an incredible deal for both parties", Mr Trump said. Congress would then have an additional 90 days to review any new agreements replacing Nafta. Currently, about 62% of parts are required to be produced in the United States, Mexico or Canada. But Trump and other critics say it encouraged USA manufacturers to move south of the border to exploit low-wage Mexican labor. The same may be said for the president's tactics to lure China, the European Union and other partners to the table. "That's just not the way the global economy works anymore". Many manufacturers have built complex but vital supply chains that cross all three NAFTA borders. Exports are responsible for more than 30 percent of the new jobs created in the state.

A fact sheet describing the bilateral agreement specified the content would be made in the United States and Mexico.

New name: The new deal between the us and Mexico will aptly be called the United States-Mexico Trade Agreement, doing away with the NAFTA name, which Trump claims has "bad connotations", per Reuters.

"More broadly, we hope that an agreement on Nafta signals a redirection of USA trade policy - away from confrontation and toward cooperative efforts to open markets overseas", the group said in a statement.




"The wall will be paid for very easily by Mexico".

Canada is now locked in a tariff battle with Trump.

"It's a big day for trade, it's a big day for our country", Trump said with reporters present, who were called to the Oval Office to watch as Trump spoke on the telephone with Mexican President Enrique Pena Nieto.

But some economists argue hefty tariffs on cars and other products could lead to a trade war that may only harm a booming USA economy.

Earlier in the day, a spokesperson for Freeland said: "Canada is encouraged by the continued optimism shown by our negotiating partners".

President Donald Trump had previously threatened new tariffs on Canadian vehicles if no agreement was reached.

"The U.S. market and the Canadian markets are very intertwined", Mnuchin said. "We want Canada's re-incorporation into talks to achieve a successful trilateral negotiation of NAFTA this week".

The deal must be reviewed by Congress and can not be finalized until at least November.

Joe Kinahan, chief market strategist at TD Ameritrade in Chicago, said: 'The question most people have is can the markets go higher? "They know the issues, we talked about all these issues" during previous rounds of talks.

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