President Trump announced Monday a new trade agreement has been struck with Mexico and that he intends to end the three-nation North American Free Trade Agreement, or NAFTA, which includes Canada.
Mr. Trump was joined via speakerphone by Mexican President Enrique Peña Nieto to announce the preliminary agreement, which will require Congressional approval.
"This is something that is very special for our manufacturers and our farmers from both countries, for all of the people who work, for jobs," the president said. "It’s also great trade and it makes it much more fair and we are very, very excited about it.
The administration hopes to have a deal signed in November after a mandatory notification period to Congress.
Mexico’s president repeated his desire to have Canada involved in an updated agreement, and senior Republican Senator Orrin Hatch echoed that call.
Mr. Trump said only that he’s committed to starting talks with Canada, while threatening to attach tariffs on cars imported from the United States’ northern neighbor.