Trump, Justin Trudeau Had "Constructive Conversation" On Trade: Canada

Trump announces 'really good' NAFTA deal with Mexico

The president said he is willing to call Canadian Prime Minister Justin Trudeau, adding, "If they'd like to negotiate fairly, we'll do that".

Paul Donovan, chief economist at UBS Global Wealth Management, said markets' assumption of Canada joining the new-look NAFTA was not "zero risk".

Canadian Foreign Minister Chrystia Freeland will travel to Washington on Tuesday to continue negotiations. "Maybe the largest trade deal ever made".

The markets read such noise positively.

Martinrea was up 6.26 per cent, Linamar was up 6.61 per cent and Magna was up 4.81 per cent in mid-afternoon trading on the Toronto Stock Exchange.

Trump made the comments after announcing an "understanding" with Mexico that could lead to an overhaul of the 24-year-old trade pact, which Trump has called a job-killing "disaster".

Freeland's spokesman Adam Austen said in a statement Canada "will only sign a new NAFTA that is good for Canada and good for the middle class". By definition, we buy more from them than they buy from us, which gives us the power any major consumer has over a seller.

He said he should file final documents on August 31. Congress has 90 days to review it, with a signing anticipated for November. But the countries still must resolve hard issues, including US complaints about Canada's protection for its dairy farmers and the way disputes are resolved under NAFTA. Paap adds the USA needs to continue to work to bring Canada into the deal.

Some experts interpreted the administration's signaling about a possible bilateral deal as an attempt to pressure Canada into a swift agreement on revising NAFTA, which the U.S. administration denied. "It could end in one day and we take in a lot of money the following day". "This administration could probably pull off something on the optics, but I don't think they're going to get into congressional buy-in on the procedure of freezing out Canada", he said.

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"It is nothing more than an agreement between only two of the three countries party to NAFTA to just begin renegotiating trade relations and hopefully end the trade war Republicans created and have done nothing to stop", Corson said. Higher labor standards: The new deal would require that 40% to 45% of auto parts in cars sold be made by workers earning at least $16 Dollars per hour.

Trudeau faces a national election expected by October 2019.

Mexico agreed to ensure that 75 percent of automotive content will be produced within the trade bloc, up from a current 62.5 percent, to receive duty-free benefits.

Asian markets welcomed the deal on Tuesday, with Tokyo 0.6 percent higher, Hong Kong up 0.5 percent and Shanghai rising 0.2 percent. Lighthizer and Mexican Economy Minister Ildefonso Guarjardo said.

And 40 to 45 percent of the vehicle must be made by workers earning at least $16 per hour. This measure could move some production back to the U.S. from Mexico and should lift Mexican wages, a White House official said.

Canada and Mexico were strictly opposed to the clause. The negotiations were "difficult" at times, Peña Nieto said, but added that the new framework would boost productivity in North America.

In a press release, The White House announced it has secured a preliminary agreement with Mexico that "modernizes and rebalances the trade relationship to reflect the realities of the 21st century".

The deal drew a mixed response, with lawmakers and experts praising the preservation of many parts of NAFTA but also warning that the agreement could be a step in the wrong direction.

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