Trump Announces Historic Trade Deal With Mexico: Canada Next?

Traders work on the floor of the NYSE in New York

"The president wants to make a constructive deal that's great for the United States and Canada, but if not, he has said with great clarity we may be forced to go automobile tariffs, Canadian automobile import tariffs", Larry Kudlow said during an interview with FOX Business' Stuart Varney on Tuesday.

Last year, the Trump administration unveiled its goals for renegotiating the North American Free Trade Agreement, a deal that reshaped trade between Canada, Mexico and the United States.

Prior to Trump's remarks, Canadian Foreign Minister Chrystia Freeland said through a spokesman that "Canada is encouraged by the continued optimism shown by our negotiating partners". Trump has longed pushed for the renegotiation of NAFTA, saying the current deal is the "worst trade deal in the history of our country".

The upsides to the deal, in the Journal's eyes, are that it "includes an extension on data protection for biologic drugs to 10 years from five" and it steps "back from its demand for a five-year "sunset" that was essentially a backdoor way to dampen cross-border investment".

"It's a big day for trade, big day for our country".

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On Monday afternoon, perhaps in an attempt to take some of the heat away from the criticism of how he handled the passing of Senator John McCain, President Donald Trump invited the media into the Oval Office for a call between himself and Mexican President Enrique Peña Nieto to announce a new trade deal between the United States and Mexico. Moore says a wage hike is needed to bring more help to middle class workers.

The president said he is willing to call Canadian Prime Minister Justin Trudeau, adding, "If they'd like to negotiate fairly, we'll do that".

But Canada may not feel the pressure to hurry.

Mexico and Canada have stood firm on the importance of maintaining the trilateral format of the NAFTA free trade deal, even as Trump has signaled a desire for individual deals with each country. The Mexican peso also climbed. This would require the White House to send a letter to Congress on Friday, stating they have entered into a trade agreement with Mexico. "I am thankful to the administration for reaching an agreement that modernizes this crucial trade pact". If the parties agree to continue with no changes, it will be renewed for another 16 years.

What is more, the changes now under consideration appear to be relatively slight, unlikely to spark any kind of dramatic shift in trade patterns.

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"Canada is [now] going to be presented with more of a take-it-or-leave-it offer", CIBC Economics analyst Avery Shenfeld said.

US stock markets rallied, with the benchmark S&P 500 and the Nasdaq hitting all-time highs, pulling oil prices up.

Because the nature of the dispute between China and the US is more complex, officials in Beijing are likely of the view that it be much tougher to resolve, Ms Amy Celico, Principal of Albright Stonebridge Group and previously Senior Director for China Affairs at the Office of the US Trade Representative, told Bloomberg Television. This would rise to 75 percent from 62.5 percent. Emerging market stocks hit their highest since August 10.

"I think we had a NAFTA agreement that had gotten seriously out of whack, that had led to large trade deficits and that needed updating", Lighthizer said.

"Canada handled that threat with prudent restraint, praising the U.S. -Mexico "progress" and offering to rejoin trilateral talks this week", the editorial praised.

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