Trump says NAFTA deal near with Mexico, sets announcement
by Sean Higgins
| August 27, 2018 10:21 AM
President Trump tweeted Monday morning that the U.S. was close to wrapping up an agreement with Mexico to update sections of the North American Free Trade Agreement, as the White House scheduled an Oval Office announcement by Trump on the topic of trade for later in the morning.
Top negotiators from both sides met throughout the weekend to iron out the details of a deal.
"A big deal looking good with Mexico!" Trump tweeted Monday.
U.S. Trade Representative Robert Lighthizer and Mexican Economic Minster Ildefonso Guajardo negotiated throughout last week and into the weekend to hammer out the deal.
The key part of the agreement would reportedly raise the amount of North American made parts a car or truck must have to qualify as duty-free to 75 percent, up from the current level of 62.5 percent. The change would make it less economical for manufacturers to rely on suppliers in Mexico, likely forcing more manufacturing to relocate to the U.S.
The U.S.-Mexican talks excluded NAFTA's third partner, Canada. U.S. officials have often expressed frustration with Canada, saying it has been the main obstacle to the NAFTA renegotiations. Canada is expected to return to the talks at a later date, put any U.S.-Mexican deal would likely increase on it to agree to U.S. requests.
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https://www.washingtonexaminer.com/policy/economy/trump-says-nafta-deal-near-with-mexico-sets-announcement
