Mexico and U.S. enter trade agreement in preliminary move to revamp NAFTA

Trade negotiators from the U.S. and Mexico struck a deal Monday that will revise major aspects of the North American Free Trade Agreement, The New York Times reports.

President Trump has called NAFTA "disaster" for American workers. The new deal will be called the U.S.-Mexico Trade Agreement, eliminating the NAFTA name, Trump told reporters. The preliminary agreement reportedly focuses on the rules for automobile trade and manufacturing, as Trump has sought to keep car manufacturers in the U.S.

Mexican President Enrique Peña Nieto expressed regret that Canadian Prime Minister Justin Trudeau had been excluded from recent talks, reports VOA News, but Canada has said it is interested in re-entering negotiations soon. Trudeau has not participated in NAFTA talks in the last several weeks, explaining that he would rather allow the U.S. and Mexico to negotiate bilateral issues, but he would need to sign off in order to complete an overhaul of the 24-year-old trade pact.

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Trump said negotiation with Canada would be "very simple," reports CBS News. "It could end in one day and we'd take in a lot of money the following day." He said Canada could join the U.S.-Mexico Trade Agreement or negotiate a new deal of its own. Read more at The New York Times.