U.S. Trade Groups Laud Progress on Nafta But Want Three-Way Deal

U.S. And Mexico Reach Trade Deal; Trump Wants To Drop NAFTA Name

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. NAFTA had "a bad connotation", he said.

The costs for the U.S. would also be high, as America's auto sector uses parts that are manufactured in Canada.

President Trump complained again on Monday about stiff Canadian tariffs on dairy products.

Trump praised the deal at the White House on Monday, saying the new agreement would be "tremendous" for U.S. farmers and workers.

NAFTA reduced most trade barriers between the three countries.

The new deal requires 75 per cent of the value of a vehicle to be produced in the United States or Mexico, up from the NAFTA threshold of 62.5 per cent. Trump says, "If they'd like to negotiate fairly, we'll do that". This has to do - they used to call it NAFTA.

"Canada, United States and Mexico represent one body with three heads", said Alfredo Duarte, co-founder and president of Dallas-based Taxco Produce Inc., which imports food from Mexico.

This time previous year, all three parties sat down to begin trilateral renegotiations of Nafta, a landmark free trade agreement that came into effect in 1994.

Heyman also brushed off concerns that Canada may find itself in a weak position in this week's trade talks with the USA given it has recently been left on the sidelines.

Mexico's peso strengthened against the U.S. dollar, as did the Canadian dollar, while the U.S. dollar index weakened slightly. He added that he'd call Prime Minister Justin Trudeau "very soon" and start negotiations.

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McCain served in the chamber for six terms, most recently as chairman of the Armed Services Committee. Capitol, meanwhile, remained at half-staff on Monday to honor the Arizona Republican.

After agreeing to compromise with Mexico on key NAFTA issues Monday, President Donald Trump doubled down on efforts to pressure Canada into concessions.

As the cameras rolled, the U.S. president pressed a button on his phone and said: "And I believe the President is on the phone".

Mr Trump has been critical of NAFTA, signed in 1994, which he blamed for sending U.S. manufacturing jobs to Mexico. "It's a big day for our country", Trump told reporters in the Oval Office, from where he held a televised phone call with his Mexican counterpart, Enrique Pena Nieto.

"Our farmers are going to be so happy", Trump said.

He said Trump also aims to make trade deals with other countries, including Japan and the European Union, which puts China on the defensive.

"Global trade tensions have undoubtedly been the most significant source of risk in 2018", said Hussein Sayed, chief market strategist at FXTM, told Reuters.

The president is critical of Canada's lopsided treatment of the USA, especially with the northern nation's tariffs on dairy products that be almost 300 percent.

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".

A spokesman for Chrystia Freeland, Canada's foreign minister, said Canada was "encouraged" by the "optimism" shown by the U.S. and Mexico, but cautioned that a full NAFTA deal was not a foregone conclusion.

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