Trump 'terminating' NAFTA, calling replacement US-Mexico Trade Agreement

But Mexico's foreign minister on Monday suggested a bilateral deal without Canada could be acceptable. "Why make it harder for US firms to court customers overseas?" "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". Foreign Minister Chrystia Freeland was on her way to Washington.

Freeland cut a trip to Europe short to travel to Washington after President Donald Trump announced Monday that the USA and Mexico had reached a bilateral trade "understanding" that could lead to an overhaul - or perhaps the termination - of the three-country agreement.

Freeland will travel to Washington on Tuesday to continue negotiations. Even if more plants are built in Mexico, jobs will grow in the United States due to high levels of integration, with studies showing that USA parts make up 40 per cent of the value of every Mexican-built auto exported to the United States.

"We are now going to devote long hours to the negotiation with Canada", he said.

"If they'd like to negotiate fairly, we'll do that", he told reporters at an Oval Office press conference on Monday. "I'll be speaking with Prime Minister Trudeau in a little while". (Peña Nieto called it NAFTA.) After a politically brutal week, Trump was claiming victory.

Canada, which is part of NAFTA, is not participating in the announcement. Mexico and Canada both initially opposed including a sunset provision.

"I think it's getting very real, especially for smaller businesses", Basta said. Paap adds the US needs to continue to work to bring Canada into the deal.

"We'll start negotiating with Canada relatively soon, they want to negotiate very badly", Trump said.

The Trump administration will now work in partnership with Mexico to bring Canada to the table for a new and potentially separate deal. But when trade in services is included, with USA exports of $58 billion and imports of $33 billion, it enjoyed an overall surplus of $8.4 billion with Canada.

NAFTA reduced most trade barriers between the three countries.

Those changes are meant to encourage more auto production in the U.S. We're going to call it the United States-Mexico trade agreement.

News of this deal comes as the USA economy is seeing record low unemployment and rapid growth. He threatened to impose new taxes on Canadian auto imports to intensify pressure on Ottawa to a agree to deal to Trump's liking. Canada imposed tariffs on $12.5 billion of United States goods, including steel, toffee, maple syrup, coffee beans and strawberry jam. Shares of Canadian auto parts makers like Magna International Inc. and Linamar Corp. were among those to surge. And since automobiles cross the border an average of six times during assembly, plants and workers in MI are just as dependent as those in Ontario.

However, Trump's decision to move forward without major trading partner Canada came under attack. He nixed the Trans Pacific Partnership free-trade deal negotiated by the Obama administration upon taking office.

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

All told, the deal is not necessarily fatal for the country's prospects of remaining in the trade pact, whatever its new name. Canada can probably go along with that. "It would be bad for the [U.S.] mid-west - the heartland that the president is dependent on".

Automobile stocks soared and financial markets firmed on the expectation that Canada would sign on to the deal by the end of the week and ease the economic uncertainty caused by Mr Trump's repeated threats that he would ditch the 1994 accord.

And where might Canada have something to give? You know they have tariffs of nearly 300 percent on some of our dairy products, we can't have that.


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