President Trump has announced he will be terminating NAFTA according to the Associated Press. The news comes after the United States and Mexico reached a preliminary agreement on trade during NAFTA talks. The new trade deal will apparently replace NAFTA.
The Latest: President Trump says he’ll be “terminating” the North American Free Trade Agreement as he pursues a deal with Mexico and starts negotiations with Canada. https://t.co/cm5r4exGLC
— The Associated Press (@AP) August 27, 2018
According to The Hill:
President Trump on Monday said the U.S. has reached an “understanding” with Mexico amid contentious talks on revamping the North American Free Trade Agreement (NAFTA).
During an announcement in the Oval Office, Trump said the NAFTA name would not be used for a new North American agreement.
“It’s a big day for trade. It’s a big day for our country,” he told reporters.
…
Trump said the understanding with Mexico could pave the way for Canada to re-enter talks, saying, “we’ll see if Canada can be part of deal.”
Canada released a statement saying they were encouraged by the progress. It is still unclear what kind of deal will emerge between all 3 North American countries.
