President Donald Trump says he intends to terminate the North American Free Trade Agreement and call its replacement "the United States-Mexico Trade Agreement" - a name that would exclude the third NAFTA partner, Canada.
The peso rose ahead of Trump's remarks. Blaming Canada for the declining state of the USA manufacturing sector, he has launched a rhetorical attack against the country to the north in order to gain favour among white working class constituents. "A big Trade Agreement with Mexico could be happening soon!" he tweeted. The northern neighbor has been on the sidelines of the talks since July as Mexico and the U.S focused on settling differences.
Daily Hive has reached out to the office of Canada's Minister of Foreign Affairs Chrystia Freeland for comment. We are in regular contact with our negotiating partners, and we will continue to work toward a modernized NAFTA. "It's a big day for our country", Trump said. Officials will have to decide whether to succumb to pressure from a joint agreement between the US and Mexico or risk economic insecurity. He declined to identify the issue.
Talks to overhaul the agreement began a year ago and have proven contentious.
Advisers of incoming President Lopez Obrador hailed the new deal, saying it represented progress on energy and wages for Mexico's workers.
Vietnam pays respects to John McCain with tributes, flowers
Elsewhere in the Trump family, Ivanka Trump, who serves as one of her father's advisors, also shared her condolences. Jeff Flake , lamented on CNN how hard it would be to go on without McCain. "I'm going to miss him", Flake said .
In order to meet that deadline, negotiators must present Congress with a deal at least 90 days in advance. That will nearly certainly push USA approval into 2019, when a new Congress will have a say.
He has repeatedly demanded renegotiation of the 1994 agreement, which he blames for a decline in USA manufacturing jobs, especially in the auto industry.
"We'll get rid of the name NAFTA", Trump said. The new preliminary agreement would increase that requirement.
What's in the new version of the deal?
That would be essential, as the sunset clause was a major sticking point - erupting, for instance, at the Group of Seven summit in June.
Republicans in Congress, who are typically supporters of free trade, have pressed the White House to strike a deal, arguing that the relationship has benefited United States farmers and other groups.