US, Mexico said to agree to NAFTA deal as Canada awaits talks

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

President Donald Trump announced the completion of a new trade agreement between the United States and Mexico on Monday. However, President Trump considers NAFTA "one of the worst deals" in trade history, and in his ongoing global trade war, he has mentioned wanting to rewrite the deal.

The hope is to have a deal for Mexican President Enrique Pena Nieto to sign before he leaves office, and the more left-leaning Andres Manuel Lopez Obrador takes over as president.

Both the USA president and the Mexican president, Enrique Peña Nieto, said they had an understanding and thanked each other during a phone call listened into by reporters.

Trump understood the simple math that countries with which we have trade deficits would have to come to the negotiating table.

FBN's Susan Li on Canada's statement responding to the new US trade deal with Mexico.

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It was understood that once the USA and Mexico reached an agreement, the third country in NAFTA - Canada - would be brought back in to finalize a revamp of the 24-year-old pact. However, while the USA and Mexico have reached tentative agreement, they're working under a tight deadline, hoping to have things finalized before Mexican President-elect Andrés Manuel López Obrador is sworn in on December 1.

For his part, Nieto brought up Canada and his desire to bring Canada in on the deal several times, placing major emphasis on the necessity of their participation. The deal created a free trade policy among the U.S., Canada, and Mexico.

Canada's Foreign Affairs Minister Chrystia Freeland is now overseas on a diplomatic trip to Germany, Ukraine and France. A percentage of workers for vehicle manufacturers would also have to make more than $16 an hour. "We'll see what happens", Trump said, adding that Mexico's election was "better than anticipated".

But Canada's minister of foreign affairs, Chrystia Freeland, said that "once the bilateral issues get resolved, Canada will be joining the talks to work on both bilateral issues and our trilateral issues".

Under the tentative new NAFTA agreement, auto companies that want to benefit from the free trade bloc will have to make more of an automobile's total worth in one of the three countries.

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Much of the business world has been anxious about Trump's trade policies, and the stock market reacted positively to the news of a deal.

"We are starting negotiations with Canada pretty much immediately", Trump said.

"Workers in Mexico might be the ones that come out of this well, because wages in certain sectors may have have to go up as a result of the [new] trade deal", Holman said.

"I believe the president is on the phone", Trump said, getting no response.

The NAFTA talks have dragged on for a year.

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Trump has frequently criticised McCain for voting against a 2017 plan in the Senate to replace the so-called Obamacare law. But in one last display of bipartisanship, McCain selected both Obama and George W Bush to read eulogies at his service.

On Monday morning, he tweeted that a deal would be coming today, and then later the administration set a time for that announcement. He has frequently called it "the worst deal" ever made.

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