Trade representatives from the US and Mexico are in Washington, DC, to rehab NAFTA, which was signed between the US, Mexico and Canada in 1994. But optimism is running high of salvaging the pact that Trump has threatened to scrap. U.S. rules also require an analysis by the U.S. International Trade Commission, which can take up to 105 days.
U.S. Trade Rep. Robert Lightizer and Mexican Secretary of Economy Idelfonso Guajardo walked together into the White House without talking to reporters. He declined to identify the issue. This has to do - they used to call it NAFTA.
Mexican President Enrique Pena Nieto told Trump his country wants to incorporate Canada into the new trade agreement.
The BIS report found Canada would be the biggest loser if trade talks falter, in large part because of vulnerability to US tariffs on vehicles and auto parts made in Canada.
And there are still a number of thorny issues that must be resolved before a final agreement is reached between the three nations. "We could have a separate deal or we could put it into this deal", the president said.
There were signs this weekend of progress on some of the most complicated issues.
Austen said the Canadians had been regular contact with the NAFTA negotiators.
One of the most fundamental parts of Trump's campaign for president was his promise to change America's deeply flawed trade arrangements.
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The plan would not contain an automatic expiration for NAFTA as proposed in the prior US demand for a "sunset clause". The person added that work on bilateral issues with Mexico is nearly entirely complete. He said the trade deal between Mexico and the United States "was the largest trade deal ever made".
The U.S. -Mexico deal would require 75 percent of auto content to be made in the NAFTA region, up from the current level of 62.5 percent, a second U.S. official said. Canada and the US are both on the eve of contentious mid-term elections, which could affect the timeline of the negotiations. "Will tax cars if we can't make a deal!" he wrote on Twitter earlier in August. "Our farmers are going to be so happy". Monday's bilateral agreement and the threat of auto tariffs could pressure Canada, which has warned it won't rubber stamp anything. And several steps remain before any new NAFTA would kick in.
"Positive NAFTA headlines would reinforce short-run downside in CADMXN", Mark McCormick, head of North American FX strategy at TD Securities, wrote in an email.
Other contentious issues between Canada and the United States include dispute resolution, intellectual property and a USA demand for a five-year sunset clause. But Canada and the US have their own issues, including dairy. He covers USA politics and current affairs. Trudeau has pledged he won't abandon it entirely.
Canada must now return, hat in hand, for a deal.
Under its mandate from the U.S. Congress, American negotiators are only authorized to negotiate a trilateral NAFTA agreement. How those votes go will depend on who gets elected.
The agreement between the two countries could restart negotiations on NAFTA with all three parties - the United States, Mexico and Canada. It's unclear whether Congress would accept bilateral trade deals between the United States and its NAFTA counterparts.