Mexico, US reach deal on NAFTA

In the meantime, the White House will begin negotiating with Canada to either add their country to the trade agreement with Mexico or strike a separate deal.

Trump, sitting behind the Resolute Desk in the Oval Office, attempted to take a phone call with Mexican President Enrique Peña Nieto to congratulate him on the agreement.

U.S. 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.

Mexican President Enrique Pena Nieto tweeted just before the announcement that he spoke to Canadian Prime Minister Justin Trudeau about the status of NAFTA negotiations and progress the USA and Mexico have made, and expressed the importance of his involvement in the negotiations.

Trump said the call was held to "celebrate the understanding" the US and Mexico have reached on trade, saying: "It's an incredible deal for both parties".

Canada, which is a part of NAFTA, was not part of the announcement.

USA and Mexican negotiators are keen to seal a new deal before Mexican President Enrique Pena Nieto hands over power to president-elect Andres Manuel Lopez Obrador on December 1.

United States stock indexes hit fresh records Monday as the U.S. and Mexico struck a tentative a bilateral trade deal that's expected to replace the 24-year old North American Free Trade Agreement. Trump said Monday that he wants to scrap the name NAFTA, saying it was a "rip-off" that had "bad connotations". Yet the preliminary agreement announced Monday is far from final. When combined with the fact that we pay for most of their defense through NATO, Europe has benefited greatly from past USA administrations' willingness to let Europe leach off of American workers and taxpayers. 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.

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"I think we're at a position where we're going to have discussions with Canada this week and see where we get to", the official said, referring reporters to Mexico to describe their position.

There is no formal free trade deal between the USA and Mexico, only an agreement between the two countries on how to resolve key issues in their trade relationship as part of the NAFTA talks.

U.S., Mexican and Canadian stocks opened higher on Monday on optimism about a trade deal. In response, Mexico slapped tariffs on $3 billion of United States goods, including steel, pork, apples, potatoes, bourbon and different types of cheese.

US Trade Representative Robert Lighthizer said the agreement was "absolutely terrific" and would modernize a trade deal that had "gotten seriously out of whack".

The countries are said to have agreed that carmakers who do not comply with the new Nafta rules will pay a 2.5 per cent tariff, the same as they would if they skirted the existing Nafta, while any new Mexican plants would not have a guarantee.

The U.S. and Mexico reached a bilateral agreement on key NAFTA issues including auto rules of origin and access to the Mexican energy sector, various news sources announced Monday.

On the same call, a senior administration official said it was only in the last few weeks that inking a two-way deal was viewed as the best next step in the NAFTA talks.

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