United States trade deal with Mexico smashes NAFTA & puts squeeze on Canada

US stocks surge to fresh records on NAFTA deal

Blasting the North American Free Trade Agreement between the United States, Canada and Mexico signed in 1994, President Donald Trump announced a new trade deal leaving out our neighbor to the north.

Mr. Trump's announcement includes plans to wrap up negotiations between the U.S., Canada and Mexico by Saturday at the latest.

Univision anchor Enrique Acevedo said Monday on "The Story" that there is promise in the new trade deal outlined by President Trump and Mexican President Enrique Pena Nieto, but that it seems like a "Mission Accomplished moment" for the USA leader.

At a morning press conference, Trump called it a "a big day for trade".

"I like to call this deal the United States-Mexico trade agreement", he said.

None of that stopped Trump from giving the impression on Monday morning that he was "terminating" NAFTA "and going into this deal" with Mexico. This new deal will limit Mexico's ability to take USA manufacturing jobs by underpaying workers.

Even if Canada and the US work out their differences,"Congress has a very tight window to ratify any new trade deal, there is no guarantee that an agreement will be in place by the end of this year", analysts at Moody's Investors Service said in an email. Representatives from the three countries began to renegotiate the agreement about a year ago.

Mexican President Enrique Pena Nieto spoke to Trudeau on Monday and urged Ottawa to rapidly rejoin the talks with the goal of getting a final NAFTA rewrite this week.

The trade deal is expected to provide security for USA companies that invest in Mexico's energy sector, which outgoing President Enrique Peña Nieto opened up for foreign investment in 2013, ending 70 years of state monopoly.

USA and Mexican officials met separately over the past five weeks to hammer out key bilateral issues before announcing the agreement that updates provisions on financial services, labor and e-commerce, and importantly the auto trade.

Web.com Tour finals will be earlier
And while he would love to play on his home course in two weeks at Aronimink, he's not obsessed with it. Open champion and reigning PGA Championship victor , was a little foggy on the details of the match.

Trump said he was open to including Canada - "if they'd like to negotiate fairly".

The pact also requires greater use of United States and Mexican steel, aluminum, glass and plastics.

Prof. Leblond said it would be political suicide for Trudeau's Liberal administration, with one year before a general election, to give in to USA demands for significantly greater access to Canada's protected dairy market. It's also a win for Mexico.

Trump said Monday that he hopes Canada will join the deal by Friday, a move which seemed meant to bring Canada, to the table quickly and limit the country's ability to press its own concerns. "I think this is threat and bombast, but it is indicative of a very negative relationship between the White House and the Canadian government", Herman said. "A lot of people felt we'd never get here". But it raises questions about the country's relationship with Canada and the possibility of redrawing the North American Free Trade Agreement.

"I think with Canada, frankly, the easiest we can do is to tariff their cars coming in", Mr Trump said.

Canada's NAFTA negotiator, Foreign Minister Chrystia Freeland, is cutting short a trip to Europe to fly to Washington Tuesday to try to restart talks.

Whatever it's called, the deal appears significant, but it lacks detailed specifics.

"So as far as China and Asia are concerned, this new Mexico deal solves nothing", they wrote in a note. It also mandates 40 percent to 45 percent of content will be made by workers earning at least $16 an hour. "Canada's signature is required", he said.

"With Canada, we will start negotiations shortly".

Related news:

Hot News

isis-killer-beheading-video-story-top Tesla shares slip after company decides to stay public
Aug 28, 2018 - 18:12
On top of that, there were concerns about potential fallout from shareholder lawsuits and the SEC investigation, the people said. People close to Musk have said that he might have been "overly simplistic" in his thinking, the New York Times suggests .

isis-killer-beheading-video-story-top Donald Trump Won't Attend John McCain's Funeral, Says US Senator's Spokesman
Aug 28, 2018 - 16:02
On Saturday, his body will pass the Vietnam Veterans Memorial and arrive for a funeral at the Washington National Cathedral. Capitol, where he served two terms in the House and six terms in the Senate, remained at half staff on Monday morning.

isis-killer-beheading-video-story-top Pope silent on claim he ignored abuse
Aug 28, 2018 - 15:00
These have added to testimonies from several former seminarians who claimed that McCarrick abused and harrassed them. Vigano also said Washington Cardinal Donald Wuerl was aware of reports of sexual abuse by his predecessor McCarrick.

isis-killer-beheading-video-story-top 'We didn't lose': Man United manager in denial after Tottenham humiliation
Aug 28, 2018 - 13:17
Yes, the first-half display was full of objective , energy and intensity in a way that the 3-2 loss to Brighton had not been. Luke Shaw has apologised to the Manchester United fans after Monday's 3-0 defeat to Tottenham at Old Trafford .

isis-killer-beheading-video-story-top John McCain's farewell: 'Do not despair of our present difficulties'
Aug 28, 2018 - 13:14
His grave site will overlook the Severn River, and will be next his best friend from his Naval Academy days, Admiral Chuck Larson. Doug Ducey, a Republican, is expected to choose McCain's replacement after his funeral, according to the governor's aide.

isis-killer-beheading-video-story-top Trump hints at making ‘a big trade agreement with Mexico’
Aug 27, 2018 - 22:45
Trump has threatened to walk out of the pact in the absence of an agreement that is more favorable to USA interests. President Donald Trump for treating Mexicans with more respect - or at least not saying anything insulting lately.

isis-killer-beheading-video-story-top NAFTA No More: President Trump Announces United States-Mexico Trade Agreement
Aug 27, 2018 - 22:30
And it would require a set proportion of auto components be made by workers earning at least $16 an hour. Trump used his announcement on Monday to gripe about Canadian tariffs on American dairy products.

isis-killer-beheading-video-story-top Myanmar’s army 'killed Muslim Rohingyas with genocidal intent’
Aug 27, 2018 - 21:42
Stecklow said the social media platform is the only news source for many people in Myanmar, with millions of users. They also recommended that the matter be referred to the International Criminal Court or another special tribunal.

First footage of Game of Thrones final season unveiled
Aug 27, 2018 - 20:14
The supervisor also revealed that Game of Thrones effects work is the only thing he will be working on until May. Fans were hoping for a full "Game of Thrones" Season 8 premiere date, or a full trailer .

isis-killer-beheading-video-story-top John McCain: White House urged to lower flags for senator
Aug 27, 2018 - 19:40
Even after Congress adopted the code on Flag Day June 14, 1923 they have become akin to guidelines and can not elicit punishment. Trump has done little to hide his disdain for McCain, a former Republican presidential nominee and decorated Vietnam veteran.

isis-killer-beheading-video-story-top Drug tunnel ran from old KFC in Arizona to Mexico bedroom
Aug 26, 2018 - 18:29
When asked how long the tunnel had been in operation, Brown replied: "I do not have a precise date when the tunnel was built". But in Arizona, authorities found a new structure that reminds us that tunnels come with interesting twists.

isis-killer-beheading-video-story-top British-Iranian Woman Temporarily Released From Iran Jail
Aug 26, 2018 - 17:54
So when two weeks ago she was told to make preparations, she had limited faith that this time would be different. United Kingdom foreign secretary Jeremy Hunt responded to the news from NY , where he's visiting the UN.

isis-killer-beheading-video-story-top U.S. senator John McCain dies after battle with brain cancer
Aug 26, 2018 - 17:48
Palin went on to break with McCain on many issues, and establish herself as a key figure on the party's hard-right. Biden's book is about his late son Beau, and his battle against the very same brain cancer that afflicted McCain.

isis-killer-beheading-video-story-top Pope vows to end sexual abuse 'at any cost'
Aug 26, 2018 - 14:08
In Dublin , survivors of sexual abuse and their supporters will gather at the Garden of Remembrance. A gathering for victims of clergy abuse is planned for the same time as the papal Mass on Sunday.

isis-killer-beheading-video-story-top Samsung Galaxy Note 9 Finally Launched in Two Variants | Specifications, Price & Details
Aug 24, 2018 - 06:00
The smartphone comes with a special Water Carbon Cooling System to keep the smartphone cool while intensive gaming. There is no need to be anxious this time because Samsung has tested every single smartphone for any battery issue.