Donald Trump: USA and Mexico agree on new free trade agreement

The US president speaks of an 34; unbelievable deal 34;: Mexico and the United States have agreed on a new NAFTA free trade Agreement, to which Canada is also to join.

Donald Trump: USA and Mexico agree on new free trade agreement

In ir bilateral negotiations on North American Free Trade Agreement NAFTA, US and Mexico have made a breakthrough. US President Donald Trump said it was a really good bargain with particular significance for industry and agriculture. It was "an incredible deal for both parties".

Mexican President Enrique Peña Nieto shared his hope that concluding negotiations with Canada could still be completed "this Week". So far, NAFTA is a trilateral agreement between US, Mexico and Canada – one of largest free trade areas in world. Trump had challenged NAFTA after taking office and renegotiated.

Furr details were not known at first. In future, however, agreement will be given a new name.

Punitive duties burden relationship

Canada is not currently involved in negotiations. This is caused by considerable tensions with USA. Lastly, US punitive tariffs on steel and aluminum imports had severely burdened relationship with two neighbors Mexico and Canada – now agreement between US and Mexico could possibly build a bridge for Canada.

Mexico's President Enrique Peña Nieto was switched on by telephone when Trump announced agreement in Washington, D.C. A representative of Canada, on or hand, was not present. The US president said that negotiations with Canada would have to begin. He again threatened to impose duties on Canadian vehicles if Canada did not comply with wishes of his government. The next step will be to call Canadian Prime Minister.

A senior U.S. government representative said Canadian foreign minister would soon be expected to talk in Washington. There is hope that an agreement can be reached with Canada by Friday, too.

Peso sets to

The agreement in trade dispute between USA and Mexico has upgraded Mexican peso. Compared to all major currencies, peso was added. For a US dollar last 18.70 peso had to be paid. In morning it was still 18.87 peso. Compared to morning, dollar dropped to peso by around one percent. In addition, prices of Mexican government bonds were too broad.

Updated Date: 28 August 2018, 12:00

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