Mexico-U.S. NAFTA Agreement Eyed for Monday, Trump Flags 'Big Deal'

Mexico-U.S. NAFTA Agreement Eyed for Monday, Trump Flags 'Big Deal'

USA president Donald Trump says he intends to terminate the North American Free Trade Agreement and call its replacement "the United States-Mexico Trade Agreement" - a name that would exclude the third NAFTA partner, Canada. They will now likely re-engage with Canada to reach a final deal on NAFTA, a primary goal of the Trump administration.

The hope is to have a deal for Mexican President Enrique Pena Nieto to sign before he leaves office, and the more left-leaning Andres Manuel Lopez Obrador takes over as president.

The US and Mexico have reached common ground on key trade terms as pressure mounts to complete renegotiation of the North American Free Trade Agreement.

Trump announced the agreement in a hastily arranged Oval Office event Monday with outgoing Mexican President Enrique Pena Nieto joining by conference call.

Trump even gave the bilateral agreement a name: the "US-Mexico Trade Agreement", which he said would replace the trilateral free trade deal.

Speaking from the White House Monday morning, President Trump announced a reboot of NAFTA after weeks of negotiations with Mexico.

It was understood that once the US and Mexico reached an agreement, the third country in NAFTA - Canada - would be brought back in to finalize a revamp of the 24-year-old pact. He also said that he would be "terminating" NAFTA, and that the name of the new deal would be the the U.S. -Mexico Trade Agreement. Officials will have to decide whether to succumb to pressure from a joint agreement between the US and Mexico or risk economic insecurity. He called the agreement "a really good deal for both countries", and added that negotiations with Canada will start soon, or additional tariffs on Canadian imports will be applied.

Foreign Minister Chrystia Freeland of Canada had said earlier she was encouraged by the progress and would rejoin the talks once bilateral discussions concluded.

The US-Mexico deal would require 75 percent of auto content to be made in the NAFTA region, up from the current level of 62.5 percent, a second US official said.

Pak PM Imran Khan Not to Travel Abroad With Special Plane
"This should be immediately corrected", he added . " Pakistan takes exception to the factually incorrect statement issued by U.S. Pakistan and India can not be enemies while there is much that unites the two. "It takes two to tango", Qureshi said.

Observers have raised concerns that Canada's absence from the talks could put Ottawa in a position where it might be pressured into accepting a deal reached between the US and Mexico.

"Mr. President, you've been my friend, and you have been somebody that's been very special in a lot of ways, we talked a lot, we talked a lot about this deal, and I'd like to congratulate you and the Mexican people", said President Trump to President Nieto.

Matt Blunt, president of the American Automotive Policy Council, which represents General Motors Co, Ford Motor Co and Fiat Chrysler Automobiles NV, said the group was optimistic about the new deal, though it was still reviewing the details.

Trump, rebuking decades of free-trade orthodoxy that helped to define the modern Republican Party, has complained time and again that NAFTA is unfair to America.

"This is something that is very special for our manufactures and our farmers", Trump said.

"We are starting negotiations with Canada pretty much immediately", Trump said. A fact sheet describing the bilateral agreement specified the content would be made in the United States and Mexico. He then congratulated him on the new deal with the cameras rolling.

"To obtain an agreement with Trump, the government of Mexico turned its back on a friend nation, Canada", Mexican analyst and columnist Alejandro Hope said on Twitter.

But pressed as to whether Mexico is willing to enter a bilateral deal with the U.S., a senior White House official on the same call dodged.

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

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