United States and Mexican officials say the two countries have reached a deal on revamping the North America Free Trade Agreement.
President Trump made the announcement and brought Mexican President Enrique Peña Nieto onto a conference call. Canada has not been involved this latest round of negotiations. "It's a really good deal for both countries", Trump said.
Negotiations between the three trade partners have dragged on for more than a year and repeated threats by Trump that he would ditch the 1994 accord have roiled financial markets, putting pressure on the Mexican peso and the Canadian dollar.
U.S. Trade Rep. Robert Lightizer said the deal will likely be sent to Congress on Friday and signed in November. Congress has to approve it.
"There are still issues with Canada but I think they could be resolved very quickly", the official said.
Throughout his campaign and his presidency, Trump has railed against the agreement, arguing that it was "a bad deal" for the U.S., and "the worst trade deal maybe ever signed, anywhere.nothing will ever top NAFTA".
"I expressed the importance of them reentering the process with the goal of concluding an agreement this very week", Pena Nieto said on Twitter. We will only sign a new NAFTA that is good for Canada and good for the middle class. Trump will terminate the existing NAFTA deal to go into this new deal that should be in place by November.
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Stocks have rallied after the U.S. and Mexico have reached an agreement on a new deal to replace NAFTA, with the NASDAQ reaching 8,000 for the first time.
But Trump hinted that all might not be smooth sailing from here, suggesting he could cut Ottawa out of the deal reached with Mexico and adding that he wanted to change the agreement's name. He said the name NAFTA has a bad connotation because the USA has been hurt badly by it.
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.
Separately, a Mexican source familiar with the talks said it was "almost certain" there would be an announcement on Monday.
If finalized, the agreement would give President Trump a partial victory in his ongoing trade war with Mexico, Canada, China and the EU. It would also require 40% to 45% of the auto to be made by workers earning at least $16 an hour.
As he announced the move, Trump said he would drop the name NAFTA for the trade arrangement because of the bad connotations of a deal that has been criticized as contributing to the flow of jobs from the U.S.to Mexico.
USA automakers have opposed raising the North American content requirement, but the United Auto Workers union has supported it. The Mexican peso gained more than 1.2 percent against the USA dollar.