Trump announces trade pact with Mexico

Trump announces trade pact with Mexico

The United States and Mexico reached a deal on Monday to replace the North American Free Trade Agreement (NAFTA), and talks with Canada were expected to begin immediately in the hopes of reaching a final agreement by Friday, a senior USA trade official said.

Wall Street traders sent the Nasdaq and S&P 500 indexes to record highs following a new trade agreement between the United States and Mexico.

But pressed as to whether Mexico is willing to enter a bilateral deal with the USA, a senior White House official on the same call dodged. "When I'm in Congress, I will fight for truly free and fair trade deals and not just let my party leadership do the talking". They said a "trade war" would be self-defeating.

On the S&P 500, Goodyear Tire & Rubber and General Motors were among the index's biggest gainers - both up more than 4 percent. New President of Mexico has been an absolute gentleman. "A lot of people thought we'd never get here, because we all negotiate tough", Trump said as he walked into the Oval Office and took his seat behind the Resolute Desk.

Canada has not been part of the most recent discussions. A fresh round of tariffs on autos would be more painful.

Earlier in the day, a spokesperson for Freeland said: "Canada is encouraged by the continued optimism shown by our negotiating partners".

Al Jazeera's Kimberly Halkett, reporting from Washington, DC, said Trump was "delivering" on promises made during his successful presidential campaign to renegotiate major trade deals affecting USA workers. -Mexican agreement, shrugging off Trump's threats that Canada might be frozen out and instead face auto tariffs.

Rona Ambrose, a former federal Conservative leader in Canada, told BNN Bloomberg television that the U.S. -Mexico deal "is quite positive for the Canadian negotiation with the United States as we move forward".

Devin Booker and Suns react to John McCain’s unfortunate death
Chuck Schumer, formally requested flags at all govenrment buildings remain at half-staff in McCain's honor through his internment. In his closing statement , McCain acknowledged he was not without his flaws but said he tried to serve the country "honorably".

"While any news of progress on restoring Nafta certainty is reassuring for American farmers, there are questions that remain on the nature of a final deal", Brian Kuehl, the organisation's executive director, said in a statement.

Officials said they hope Canada will agree to the terms by Friday, when the White House plans to formally notify Congress that Trump will sign the deal in 90 days. Lighthizer argued he could - either give notice "that leaves open the possibility of Canada joining", or proceed without Canada if the country "elects not to join", he said.

Canada is also facing a limited window to express concerns or fight for changes in the new deal. USA law requires a president to formally get Congress's approval for trade negotiations.

"There is a good chance that control of the House majority might have flipped to the Democrats, who could have different views on some aspects of the agreement than the Administration, making ultimate passage somewhat more hard", Goldman Sachs economist Alec Phillips wrote in a note. Asked about whether Mexico would be willing to sign a deal without Canada, a senior Administration official demurred, offering arguments for why the country might want to without saying that it would.

The U.S. -Mexico agreement now includes a six-year mandated review period with Mexico.

"It's been an honor and you've been my friend", Trump told Nieto.

The agreement has some key changes for the auto, farming and textile industries but is short on the detailed text typical among nations before an agreement is signed, experts said.

Donald Trump's attempts to get the Mexican president on speakerphone to celebrate a new trade deal descended into farce thanks to technical glitches. "The only things we know for sure, content has to come within the NAFTA region". That's up from 62.5 percent in the old deal. But no further details were available. It also would require 40 to 45 percent of auto workers make at least $16 per hour.

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