Donald Trump announces new trade deal with Mexico

Trump replaces NAFTA and triumphs -- New trade deal with Mexico is YUGE win for both countries

President Trump announced a tentative deal to restructure a trade deal, which could eliminate the North American Free Trade Agreement, also known as NAFTA.

U.S. Trade Representative Robert Lighthizer said the White House was ready to notify the U.S. Congress by Friday of President Donald Trump's intent to sign the bilateral document, but that it was open to Canada joining the pact.

Mexican President Enrique Pena Nieto said he spoke to Canadian Prime Minister Justin Trudeau and emphasized to him "the importance of his reinstatement in the process in order to conclude a trilateral negotiation".

The US-Mexico discussions focused on crafting new rules for the automotive industry - which Mr Trump has put at the heart of his drive to rework trade pact (which he has repeatedly called a "disaster") for American workers. Getting that done by the end of the month is important because negotiators want to clinch a deal in time for Mexico's Congress to ratify it before the newly elected Mexican president, left-wing populist Andrés Manuel López Obrador, takes office in December. "And now it's a really good deal for both countries, and we look very much forward to it".

Canada said it was "encouraged by the continued optimism shown by our negotiation partners", according to Adam Austen, spokesperson for Canadian Minister of Foreign Affairs Chrystia Freeland, who called progress between the us and Mexico "necessary". The deal resolves several thorny debates between the US and Mexico including how much of a car's content needs to be made in the region to qualify for tariff exemption, the minimum wage for some autoworkers and how to treat Mexico's energy sector, which was closed to USA investment when NAFTA was first drafted.

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Speaking at the White House on Monday, President Trump said he wanted to change the NAFTA name to the U.S. Mexico Free Trade Agreement.

But in the announcement with Mexican officials, Mr. Trump took a hard line and said Ottawa would be left on the sidelines.

"We're glad to see Mr. Trump step back from the suicide of Nafta withdrawal, but on the public evidence so far his new deal is worse".

The preliminary agreement with Mexico includes an option to renegotiate in six years and extend for an additional 16 years.

Trump called it "one of the largest trade deals ever made". Trump and some of his aides argued that Canada could be excluded from the agreement if they object to its terms. "A lot of people felt we'd never get here".

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The president is critical of Canada's lopsided treatment of the US, especially with the northern nation's tariffs on dairy products that be almost 300 percent.

The Trump administration said the deal improves labor provisions, in part by requiring 40 percent to 45 percent of auto content to be made by workers earning at least $16 per hour.

She now is on a European trip but Guajardo said last week Freeland had indicated she would be available as soon as the United States and Mexico were ready to move to the next phase.

"Canada, we will start negotiations shortly". "There are still issues with Canada but I think they could be resolved very quickly", a senior official told Reuters.

Canadian Foreign Affairs Minister Chrystia Freeland, for her part, is headed to Washington to join the talks.

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John Cornyn of Texas, the No. 2 Senate Republican and chairman of the subcommittee on worldwide trade, said in a statement the Mexico agreement is a "positive step", but he added that Canada needs to be party to a final deal. That deadline targets a final sign-off by Mexico's current President Enrique Peña Nieto before his administration leaves in November.

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