TSX rises on NAFTA deal optimism

US stocks surge to fresh records on NAFTA deal

For one, Mexican President Enrique Peña Nieto said repeatedly on Monday, on Twitter and to Trump directly, that he wants a three-country agreement.

Trump is announcing a trade "understanding" with Mexico that could lead to an overhaul of the North American Free Trade Agreement. Trump and his Mexican counterpart were not talking face-to-face as might be expected for a momentous trade announcement, but rather by speakerphone, which led to a briefly comical moment when Trump couldn't get him on the line at first. "It's a very good deal for both countries and I look forward to it", Trump said.

The Canadian Automobile Dealers Association called the U.S. -Mexico deal a "major breakthrough" and that Canada would inevitably join NAFTA.

"Canadians really need to look at what the us and Mexico just completed as an example of what can be done if there's good faith negotiating and a willingness to compromise in the interest of both parties", Kudlow said. Although NAFTA has been in force among the U.S., Mexico and Canada since 1994, Mr. Trump doesn't want the new deal to be called NAFTA.

A senior administration official indicated the White House plans to submit a letter to Congress on Friday notifying the legislature of the President's plans to sign a new trade deal, with or without Canada's agreement.

United States business groups sought to remind the administration that Canada remains its largest export market.

Trump's advisers, however, have been less adversarial, saying they hoped to work with Trudeau's team and suggesting they had some flexibility for talks to extend into September.

Wall Street is giving a big thumbs-up to President Trump's deal to replace NAFTA.

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"Trump is working straight from his "Art of the Deal" playbook", he said. But the agreement itself will mean little without Canada or congressional approval. The US trade representative's office officially described the agreement as "a preliminary agreement in principle.to update the 24-year-old NAFTA with modern provisions representing a 21st century".

President Donald Trump has said it's not the right time for trade negotiations with China, denting expectations for a near-term deal after a breakthrough agreement between the United States and Mexico.

"I think we're at a position where we're going to have discussions with Canada this week and see where we get to", the official said, referring reporters to Mexico to describe their position. Use of more local steel, aluminum and auto parts will be required, and a certain proportion of the vehicle must be made by workers earning at least $16 per hour, which would benefit the United States and Canada.

Hatch recalled that Canada is the top export market for 36 of the US's 50 states (the top export market for several of the remaining states is Mexico, particularly those on the US's southwest border).

Mexico agreed to eliminate dispute settlement panels for certain anti-dumping cases, a move that could complicate talks with Canada, which had insisted on the panels.

"Progress between Mexico and the United States is a necessary requirement for any renewed NAFTA agreement", he said. Orrin Hatch, the Utah senator who chairs the Finance Committee that would need to approve any deal, said "a final agreement should include Canada". It also requires that 75 percent of the parts of cars sold in North America be produced in the U.S. or Mexico.

Foreign Affairs Minister Chrystia Freeland is on her way to Washington to re-join Mexico and the United States for urgent negotiations that could determine NAFTA's future.

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