U.S., Mexico reach NAFTA breakthrough, clearing way for Canada's return

Mexican Foreign Minister Luis Videgaray and Mexico's Secretary of Economy Ildefonso Guajardo leave the Office of the US Trade Representative after a day of meetings on the NAFTA treaty

Trump says, "If they'd like to negotiate fairly, we'll do that".

Trump will make an announcement on trade from the Oval Office at 11 a.m.in Washington, according to a statement from the White House.

President Trump won a major victory on trade on Monday, supplanting the North American Free Trade Agreement (NAFTA) and replacing it with something far more beneficial.

Mexican President Enrique Pena Nieto was patched in by phone, calling the deal "very positive" for both the United States and Mexico.

United States expects talks with Canada on trade to accelerate on Monday and wrap up by the end of the week - u.S.

Trudeau has said Canada "will not, cannot" sign on to an auto-terminating deal, which business leaders say would generate the kind of uncertainty trade agreements are supposed to eliminate.

New name: The new deal between the USA and Mexico will aptly be called the United States-Mexico Trade Agreement, doing away with the NAFTA name, which Trump claims has "bad connotations", per Reuters.

Trump is expected to send formal notice to the US Congress by the end of the week about his intentions to sign a new trade agreement within 90 days, which would give Mexico's Pena Nieto time to sign it before he leaves office, the senior US trade official said. A month ago, representatives from both the US and Mexico returned to the table after Mexico's elections forced a two-month hiatus on negotiations.

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Speaking about Canada, Mr Trump threatened to slap tariffs on Canadian cars if he does not get what he wants. The deal created a free trade policy among the U.S., Canada, and Mexico.

Foreign Affairs Minister Chrystia Freeland is in Germany on Monday, but received updates from both the Americans and the Mexicans throughout the weekend. Use of more local steel, aluminum and auto parts will be required, and a certain proportion of the vehicle must be made by workers earning at least $16 per hour, which would benefit the United States and Canada.

Pena Nieto joined by phone, and thanked Trump, calling the breakthrough on NAFTA "very positive for the United States and Mexico", and looked forward to the trilateral agreement.

Negotiatons with Canada and the United States, Trump said, will start immediately. Attempts to form a new pact faltered numerous times between the three countries, and talks with Mexico have been focused on creating new rules for the auto industry.

"Our farmers are going to be so happy", Trump said.

Lopez Obrador is a leftist free-trade sceptic, and his landslide victory in Mexico's July 1 elections had raised doubts about the future of the ongoing renegotiation of the North American Free Trade Agreement (NAFTA). He then congratulated him on the new deal with the cameras rolling. He has frequently called it "the worst deal" ever made.

Now Ottawa will rejoin the talks but hurdles like dispute panels remain.

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