US, Mexico Reach New Trade Agreement

US, Mexico Reach New Trade Agreement

The US and Mexico have reached common ground on key trade terms as pressure mounts to complete renegotiation of the North American Free Trade Agreement. But optimism is running high of salvaging the pact that Trump has threatened to scrap.

The BIS predicts that revoking NAFTA would also cause wages to fall in all Canadian provinces and Mexican states, and in all but one of the 435 congressional districts in the U.S. He declined to identify the issue.

"For more clarity, maybe ask the Mexicans", the official said.

Auto manufacturing: The new deal would require that 75% of the parts in any vehicle sold in North America be produced in the United States or Mexico. The Trump administration is also seeking a sunset clause that would end the pact after five years, unless the three countries explicitly agree to continue it. "And will be happy to do that, once the bilateral US-Mexico issues have been resolved".

"A lot of people thought we would never get here".

Trump has long had a reputation for overpromising on his business deals, and his record as president includes similarly dramatic claims on things like denuclearizing the Korean peninsula which remain to be completed. Canada, so far, has been excluded from the talks as Mexico and the USA resolve their issues.

There were signs this weekend of progress on some of the most complicated issues.

Lopez Obrador, a leftist, thanked Trump on Friday for treating Mexicans with more respect.

"I think it's an elegant name".

More news: Senate leaders request flags stay at half-staff

Yet, CNBC reports the USA softened its position over a sunset clause in the past months of talks. If not, Trump will advance the deal with Mexico and leave Canada behind. Jesus Seade, the NAFTA negotiator for the incoming Mexican government of Andres Manuel Lopez Obrador, told reporters Saturday that the USA was softening on the demand for a sunset clause. Guajardo has signaled that the nation won't declare victory on NAFTA until Canada also signs on.

In a tweet, Mexican President Enrique Peña Nieto said he called Canadian Prime Minister Justin Trudeau shortly after the news broke, asking his team to return to the negotiating table promptly so a trilateral NAFTA deal could be finalized by the end of this week. Sitting in the Oval Office, U.S. Trade Representative Robert Lighthizer to ask when the deal would be signed.

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

There are still questions about how these would work with tariffs on auto imports enacted by the Trump administration. The U.S. wanted to bring back auto manufacturing jobs that had gone to Mexico. But what Trump's going for here is headlines saying he won ... and too many USA media outlets will probably give him that.

He added he plans to terminate the existing trade agreement and instead replace it with the deal reached with Mexico, and potentially Canada. A new NAFTA would need to accepted and ratified by all three countries before it takes effect.

Shares of traditional US automakers were some of the best performers of the day.

That is, if Canada's re-entry into the talks and political posturing do not add new roadblocks to the negotiations. The U.S., meanwhile, allows its citizens to import $800 United States from overseas, penalty free. He covers USA politics and current affairs. Trudeau has pledged he won't abandon it entirely. How those votes go will depend on who gets elected. And Trump is now considering 232 tariffs on foreign autos.

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

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