Trump 'terminating' NAFTA, announces trade 'understanding' with Mexico

U.S. President Donald Trump speaks on the phone with Prime Minister of Australia Malcolm Turnbull in the Oval Office of the White House in Washington. For decades Australia and the U.S. have enjoyed the coziest

U.S. President Donald Trump speaks on the phone with Prime Minister of Australia Malcolm Turnbull in the Oval Office of the White House in Washington. For decades Australia and the U.S. have enjoyed the coziest

The new trade pact will be called "The United States Mexico Trade Agreement", Trump said when announcing the deal from the Oval Office, adding that the previous name would be scrapped.

Judging by initial reports about the revised agreement with Mexico, which focused heavily on auto manufacturing, Trump and his hard-line nationalist trade representative, Robert Lighthizer, got a good deal of what they wanted.

President Donald Trump reached a deal with Mexico Monday on a new trade pact. Nieto said he hoped Canada would soon be incorporated in the revised agreement, while Trump said that remains to be seen.

To qualify for zero tariffs under Nafta, vehicle companies would be required to manufacture at least 75 percent of an automobile's value in North America under the new rules, up from 62.5 percent previously. But the countries still must resolve hard issues, including USA complaints about Canada's protection for its dairy farmers and the way disputes are resolved under NAFTA.

The two countries have agreed that 75 percent of a product must be made in the United States and Mexico to receive tax-free treatment, which is more than in the existing deal, the U.S. said.

The White House is also expected to formally notify Congress by the end of this week of its intention to sign a new trade agreement within 90 days.

Canada's Foreign Affairs Minister Chrystia Freeland is now overseas on a diplomatic trip to Germany, Ukraine and France.

But he said Ottawa would "only sign a new NAFTA that is good for Canada and good for the middle class".

Canada points out, however, that its signature is required. Once Canada rejoins the talks, there will be at least another week of work, Mexican Economy Minister Ildefonso Guajardo said Sunday, Reuters reported on Sunday.

Canada, which has not participated in the negotiations in recent weeks, had said the dispute settlement system was a priority.

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The deal with Mexico involves the automobile industry, but does not include other areas of contention, The New York Times reported.

US and Mexican negotiators worked over the weekend to narrow their differences. He said the trade deal between Mexico and the United States "was the largest trade deal ever made".

US law requires a three-month waiting period after a deal is completed before Congress can ratify it. Mexico will swear in its incoming president, Andrés Manuel López Obrador, on December 1. "It has a bad connotation because the United States was treated very, very badly for NAFTA".

"We are now inviting the Canadians in as well and hope that we can reach a fair and successful conclusion with them as well", a senior USA trade official told Reuters in an interview.

The two countries earlier this month entered a round of bilateral negotiations for modernizing the decades-old trade deal, which President Donald Trump has threatened to pull out of.

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

Talks to overhaul the agreement began a year ago and have proven contentious.

The Trump administration wants a higher percentage of auto production to come from within the Nafta bloc before qualifying for duty-free status.

Trump tweeted on Monday morning that that a "big deal" with Mexico was "looking good".

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