NAFTA No More: President Trump Announces United States-Mexico Trade Agreement

U.S. President Donald Trump speaks on the phone with Prime Minister of Australia Malcolm Turnbull in the Oval Office of the White House in Washington. For decades Australia and the U.S. have enjoyed the coziest

Canada has the most to lose if efforts to hammer out a new free-trade deal for all of North America are unsuccessful and the status quo is scrapped, according to a new report.

Although the deal will not be finalized immediately, the progress in negotiations comes as a relief to USA businesses that find themselves in the middle of trade wars with Mexico, Canada, China and the European Union, The New York Times reported. The U.S. president says the deal has led to hundreds of thousands of lost American jobs, and he promised to either change it to be more favorable to the U.S., or withdraw.

But after a year of intense negotiations to salvage the 25-year-old pact, the United States and Mexico appear close to a point where Canada - which had been waiting for US-Mexican agreement on auto industry rules - can rejoin the talks. He issued fresh threats to slap tariffs on Canadian cars.

A Canadian Foreign Ministry spokesperson said earlier on Monday that Ottawa was encouraged by "progress" between the USA and Mexico, but cautioned any new version of NAFTA would need to be beneficial for Canada before being signed off on by officials.

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It was understood that once the US 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. "One way or another we'll have a deal with Canada".

The US and Mexico reached a tentative deal to revise parts of NAFTA, and the White House was expected to announce the news later Monday morning. Trump says negotiations with Canada have yet to begin and is calling on the country to negotiate fairly.

"When Mexico sends its people, they're not sending their best.they're bringing those problems with us", he said at a campaign rally. Under U.S. trade law, Congress must be notified 90 days before voting on the deal, meaning notification must happen this week to meet the timeline. The leftwing government of Canada, the other member of NAFTA, had refused to negotiate seriously, perhaps believing their friends in the progressive commentariat predicting Trump's demise. Trump used his announcement on Monday to gripe about Canadian tariffs on American dairy products. He called the new deal a really good deal for both countries, the US and Mexico.

"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. He said the name NAFTA has a bad connotation because the USA has been hurt badly by it. Mexico and the United States have reached a commercial understanding. 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. The other was the USA proposal for a "sunset clause" within the agreement. And it would require a set proportion of auto components be made by workers earning at least $16 an hour.

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