Can Canada get itself in on the NAFTA rewrite?

U.S., Mexico reach NAFTA deal; talks with Canada to start immediately - Autoblog

The 24-year-old NAFTA is a trilateral deal between the United States, Canada and Mexico that underpins $1.2 trillion in North American Trade. The trade deal is expected to provide security for US 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.

Canada, which sat out the last leg of discussions while the United States and Mexico ironed out their bilateral differences, is now pressured to agree to the new terms on auto trade and other issues to remain part of the three-nation pact.

"It's an incredible deal for both parties", Mr Trump said.

Freeland's spokesman Adam Austen said, "We will only sign a new NAFTA that is good for Canada and good for the middle class".

While neither of Trump's threats against Canada are new, Ashworth notes the US president has upped the pressure by triggering the six-month NAFTA termination notice.

"They used to call it NAFTA, we're going to call it the United States Mexico Trade Agreement", Trump said from the Oval Office, saying NAFTA has a negative connotation.

On the US side, also participating in the call were US Trade Representative Robert Lighthizer and Trump's adviser and son-in-law Jared Kushner.

Toronto Star correspondent Daniel Dale reacted to the developments on Twitter, writing of Trump: "It is very clear that he does not know what he's talking about and that he's making this up as he goes". The U.S. and Canada are still in negotiations. The new preliminary agreement would increase that requirement.

Global stocks reacted positively to the breakthrough, with investors expressing optimism the deal could signal a change in the Trump administration's provocative stance on global trade.

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He added that there is also agreement on stronger labor/environment chapters, which "Canada will be fine with". Among the negotiations was a U.S. push to increase the percentage of a auto that had to be sourced from a NAFTA nation to move freely across the border of the three NAFTA nations.

Wilbur Ross, the United States commerce secretary, confirmed on Tuesday that the Trump administration is "fully prepared to go ahead with or without Canada" in ripping up Nafta and warned that Canada's economy "can't survive well" without a United States deal.

Mr Trump wants to shrink a US$375 billion goods deficit with China and Beijing to unwind industrial subsidies and scale back its "Made in China 2025" plan to lead the world in industries such as artificial intelligence and robotics.

The No. 2 Senate Republican, John Cornyn of Texas, hailed the "positive step" but said Canada needs to be party to a final deal.

That didn't happen. The US and Mexico agreed on a 16-year provision and removing dispute resolution - things Canada didn't want.

"We could have a separate deal, or we could put it into this deal".

Require that for a auto to move between the United States and Mexico without being subject to tariffs, 75% of the vehicle must originate in a NAFTA country. That requirement would deter U.S. auto manufacturers from moving production to Mexico, where labor costs are lower, something central to Trump's attacks on NAFTA.

Lighthizer told reporters in a call that the agreement with Mexico provided the "highest standards" of any existing agreement on digital trade, financial services and labor rights.

But Trump's claim was met with immediate pushback from the president of Mexico, who had been patched into the makeshift press conference by speakerphone.

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