Trump makes trade announcement at the White House, possibly on NAFTA deal

Mexican Foreign Minister Luis Videgaray and Mexico's Secretary of Economy Ildefonso Guajardo leave the Office of the US Trade Representative after a day of meetings on the NAFTA treaty

The deal also requires companies to respect collective bargaining, which is the process by which trade unions can make labour agreements on behalf of workers, and requires that companies adhere to all applicable labour laws.

There is no formal free trade deal between the U.S. and Mexico, only an agreement between the two countries on how to resolve key issues in their trade relationship as part of the NAFTA talks. A month of talks followed, in August, but a new roadblock emerged: Mexico's outgoing administration had a different position on foreign access to the country's energy sector than the incoming one, which delayed an agreement to this week.

Trump said the deal would be called the United States - Mexico Free Trade Agreement instead of NAFTA.

"There are still issues with Canada but I think they could be resolved very quickly", the official said.

"A lot of people thought we'd never get here", he said.

Other key issues are Chapter 19 anti-dumping panels, which the United States wants to kill but which may be a deal-breaker for Canada, as well as Canada's protected dairy sector, which Trump is targeting to dismantle.

The No. 2 Senate Republican, John Cornyn of Texas, hailed Monday's news as a "positive step" but said Canada needs to be party to a final deal.

Mexican President Enrique Peña Nieto was on speakerphone and says he hopes NAFTA partner Canada will eventually be incorporated into the deal.

That has not been confirmed by the Canadian government. Perhaps as a hardline negotiating tactic, the president also suggested that the U.S. might hike tariffs on Canadian cars in response, a move that analysts with CIBC markets reported in July could cut Canada's auto exports to the USA almost in half, and could throw the manufacturing province of Ontario into recession. He said Canada wants to "negotiate very badly".

U.S., Mexican and Canadian stocks opened higher on Monday on optimism about a trade deal.

But at least initially, it looks like at least a tentative public-relations victory for Trump, the week after his former campaign manager was convicted on financial crimes and his former personal attorney implicated him in hush money payments to two women who say they had affairs with Trump. A fact sheet describing the bilateral agreement specified the content would be made in the United States and Mexico.

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Dispute resolution is a big deal for Canada.

It's unclear if Trump intends to keep the trilateral framework in place. He said he may include Canada in the Mexican deal.

He took a jabs at the Canadian government, saying talks could move quickly "if they'd like to negotiate fairly" and again saying the "easiest thing we can do is tariff their cars coming in" to retaliate for its import fees on USA dairy products.

Ahhh. Another successful day of pretending we're all on a television show in the books. Canadian leaders insist that they are in no hurry to renegotiate the pact or to agree to anything not in their favor. If he ends up submitting a bilateral deal with just Mexico, it increases the changes lawmakers will balk.

The United States has demanded Canada phase out its supply management system, that regulates the production of dairy, eggs and poultry, within a decade. Trump tweeted earlier on Monday.

While a USA proposal to increase tariffs on cars imported from Mexico that don't meet new NAFTA content rules has always been a sticking point, that issue appears to have been resolved.

The deal address issues of air quality and marine litter, although few details of those components have been released.

Calling the deal "very good" for U.S. farmers and manufacturers, Mr Trump said Mexico has agreed to purchase "as much farm product as possible" immediately. But the countries still must resolve hard issues, including USA complaints about Canada's protection for its dairy farmers and the way disputes are resolved under NAFTA.

Canada, which is part of the 24-year-old Nafta pact, was not participating in the announcement.

Canada foreign minister Freeland expected to arrive for talks in Washington shortly - senior u.S.

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