US, Mexico Reach New Trade Agreement

U.S. and Mexico make NAFTA breakthrough, increasing chances of final deal

U.S. and Mexico make NAFTA breakthrough, increasing chances of final deal

U.S. President Donald Trump said Monday that prospects of a trade deal with Mexico were "looking good" following a weekend of negotiations.

United States and Mexican negotiators have been working for weeks to iron out differences in order to revise the almost 25-year old North American Free Trade Agreement, while Canada was waiting to rejoin the negotiations.

But compared to the more dire possibilities-that Mr. Trump would pull the USA out of Nafta or, lacking congressional approval of that, impose high tariffs on Mexican and Canadian goods that would render the agreement obsolete-the possibility of renegotiation counts as a relief.

Trump put pressure on Canada by threatening to tax Canadian auto imports and to leave Canada out of a new regional trade bloc.

Adam Austen, a spokesman for the Canadian foreign minister, Chrystia Freeland, said: "Canada is encouraged by the continued optimism shown by our negotiating partners". The U.S. president says the deal has led to hundreds of thousands of lost American jobs, and he promised to either change it to be more favorable to the U.S., or withdraw. A draft fact sheet specified the content would be made in the United States and Mexico. Even after being formally signed, it would have be ratified by lawmakers in each country. President Donald Trump's fresh outburst at Canada on Monday will also make it hard to close the pact by the end of this week.

"There are still a lot of questions left to be answered", MacKay said.

President Trump added, the move will be an "incredible deal" for both countries, especially for the manufacturing and farming industries.

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Officials want to reach an agreement before the newly elected Mexican president, Andres Manuel Lopez Obrador, takes office in December. But Mexico resisted a US demand that a per centage of the content of cars and trucks come from factories where workers are paid at least USA $16 an hour - a ploy to push factory jobs away from Mexico, where workers made just $4, and to the U.S.

Guajardo and Mexico's Foreign Minister Luis Videgaray have been shuttling back and forth to Washington for more than a month for meetings with Lighthizer to try to iron out the bilateral stumbling blocks, including rules for the auto market, before the end of August.

Any agreement between Mexico and the United States must also involve Canada, the other NAFTA signatory, although Trump suggested a deal with Canada could be separate from the U.S. -Mexico agreement.

"It's not the right time to talk, but eventually I'm sure we'll be able to work out a deal with China, but in the meantime we're doing very well with China, ' Trump said Monday". Sunset clause: The agreement will last for 16 years, and will be reviewed every six years. He then congratulated him on the new deal with the cameras rolling. The three countries trade more than US$1 trillion annually, much of it under the pact.

Negotiatons with Canada and the United States, Trump said, will start immediately.

After the bilateral deal is announced today - you can see the announcement in the video below - the negotiations will be on track to conclude by that point.

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