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8/27/2018, 5:15 PM (Source: TeleTrader)
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Trump announces bilateral trade deal with Mexico

President of the United States Donald Trump announced on Monday that the US and Mexico reached a bilateral trade deal that will replace the trilateral North American Free Trade Agreement (NAFTA). Trump said that the two sides agreed to drop the NAFTA name and call the new accord "United States/Mexico Trade Agreement." He added that the new deal is "a really good agreement for both countries," while specifically pointing out that it will have special benefits for manufacturers and farmers. According to the deal, Mexico is to begin buying as much of US farm products as possible.

Regarding Canada's role in the trade negotiations, Trump said that the US might strike a separate trade deal with Canada or make it part of the new deal with Mexico. At the same time, he threatened to put tariffs on Canadian car imports if Ottawa refuses to make an agreement, saying that it would be "the easiest thing" to do. Trump went on to say that the US has not started talks with its northern neighbor, but added that he is ready to contact Canadian Prime Minister Justin Trudeau very soon if his country wants to negotiate fairly.

Regarding the ongoing trade war between the US and China, Trump said that now is not the right time to talk, but expressed his hope that "eventually it will be the right time."

Breaking the News / FH