White House rolls out NAFTA overhaul

White House rolls out NAFTA overhaul

(Trump announces a tentative new agreement 8/27/18- White House pool)

WASHINGTON— The Trump administration on Monday is rolling out a new trade deal aimed at overhauling the North American Free Trade Agreement (NAFTA).

Trump heralded the deal, dubbed the United States-Mexico-Canada Agreement (USMCA), on Twitter.

The president said that there will be a news conference on the agreement at 11 a.m.EST Monday in the White House’s Rose Garden.

Trump zeroed in on NAFTA during the 2016 campaign, pledging that the U.S. would leave the trade pact unless it was redone to the benefit of the U.S.

In late August, Trump and Mexican president Enrique Peña Nieto announced that a new agreement had been reached.

Early details included language to ensure that 75 percent of auto content is made in the U.S. or Mexico and that between 40-45 percent must be made by workers paid at least $16 per hour.

Canada was not initially part of the agreement, prompting Trump to threaten them with potential tariffs on cars or other consequences.

After signing on late Sunday, Canadian Prime Minister Justin Trudeau is expected to hold a press conference of his own Monday.

The USMCA is now subject to a mandatory 60-day review from Congress before it can be formalized.

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