The U.S. president, since the time of his 2016 election campaign has referred to NAFTA as the worst trade deal in history and repeated especially inflammatory rhetoric about America's southern neighbor.
"Workers in Mexico might be the ones that come out of this well, because wages in certain sectors may have have to go up as a result of the [new] trade deal", Holman said. Though details of the new agreement are still unclear, it will predictably become less profitable for Canada than under NAFTA, which was condemned by the USA president as the "single worst deal ever approved".
Trump is announcing a trade "understanding" with Mexico that could lead to an overhaul of the North American Free Trade Agreement. "Opening those trade barriers up increases growth and increases demand expectations for oil".
The trilateral treaty has been a key target in Trump's aggressive trade strategy and he has repeatedly threatened to scrap it altogether, branding it a "disaster".
Negotiations between the United States and Mexico resolved a major stumbling block on auto manufacturing.
Trump backed off from an initial USA demand for a "sunset" clause that would kill the pact unless it was renegotiated every five years and which businesses said would stymie long term investment in the region.
Canadian Foreign Minister Chrystia Freeland is expected to travel to Washington for talks on Tuesday.
Canada's role: While the deal is just between the us and Mexico, the hope is that Canada will "negotiate fairly" to join the agreement at a later date, enter into a separate deal, or face automobile tariffs. "I hope it has been worth it, a maneuver that, to put it politely, does not do us honor".
Canada - which Trump had previously threatened with possible tariffs on cars coming to the USA - was notably absent from the agreement.
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The Administration says it will proceed with the new deal regardless of what happens with Canada, but that promise could run up against several roadblocks. While nothing is official, it appears the proposed agreement will require vehicles built in Mexico to use more North American-sourced components to achieve duty-free status.
Canada, which is part of NAFTA, did not participating in the announcement.
Rep. Roger Marshall, who represents the 1st District in Kansas and sits on the agriculture committee in the House, said the new deal with Mexico is a "crucial piece to the puzzle" for farmers.
The pact also requires greater use of United States and Mexican steel, aluminum, glass and plastics.
The President called it "one of the largest trade deals ever made"..
Before the administration began negotiating a new NAFTA a year ago, it had notified Congress that it was beginning talks with Canada and Mexico.
A senior administration official, who briefed reporters on condition of anonymity, said yes: The administration can tell Congress it had reached a deal with Mexico - and that Canada is welcome to join.
Your move, Congress: Despite Trump's statement from the Oval Office, he does need Congressional approval to sign onto a new deal.
Instead, the United States and Mexico agreed to a 16-year lifespan for the deal, with a review every six years that can extend the pact for 16 years, Lighthizer said.
Prime Minister Justin Trudeau had a "constructive conversation" with Mr. Trump on the progress with Mexico, the prime minister's office said.