Trudeau says he's encouraged by what he calls NAFTA progress

Canada Mexico and the U.S. are seen on a lectern before a joint news conference of NAFTA talks in Mexico City

Trilateral trade between the three countries has exceeded $1tn annually in recent years, according to a 2017 report by the US' Congressional Research Service, with Canada and Mexico ranking in the top three largest buyers from, or suppliers to, the US in 2016.

"A lot of [US-based] jobs went to Mexico, where the labour supply was cheaper", she added.

Canada, which is part of NAFTA, did not participating in the announcement.

"This (Trump) administration has shown an wonderful lack of both diplomacy and consistency in its dealings with our friends, neighbors and allies, and I don't see that changing", Garza said. The danger, however, is that the trade war the president used to get all sides to the table might cause damage to the American economy while details are being worked out. "This doesn't seem like a well-thought-out plan that leads anywhere sensible".

USA automakers have opposed raising the North American content requirement, but the United Auto Workers union has supported it.

But Canada should be happy that the USA has compromised with Mexico on its proposed "sunset clause", in which the Americans initially proposed to collapse and re-negotiate NAFTA every five years.

Adam Austen, who speaks for the foreign affairs minister, says Canada had been in regular contact with the NAFTA negotiators.

"Let's make a great deal like we just made with Mexico", Kudlow said.

On the editorial page of the Rupert Murdoch-owned newspaper, the new agreement - involving Mexico but not Canada - was condemned as "notably worse in many ways", based on what little is known about it. He said in a Monday Oval Office conference that NAFTA had harmed American workers. "So if they had to compromise on energy, so be it".

In Mexico City, former U.S. Ambassador Tony Garza and counsel at White & Case, said the deal "appears to be a significant step, but I wouldn't be popping any corks, or not yet anyway.Let's not get ahead of ourselves". "It's not part of a negotiating strategy", said one administration official.

US, Mexican and Canadian stocks opened higher on Monday on optimism about a trade deal.

Despite the administration's triumphant tone on Monday, there are numerous legal, legislative, and economic problems with the proposal.

Mr Trump would have to give Congress 90-days notice of his intention to terminate Nafta.

The preliminary deal may encourage more manufacturing in the U.S. Yet it's far from final. "Perhaps, the other would be much better for Canada". "The legal authority right now is for a trilateral deal - NAFTA. Even so, news of the deal still buoyed markets, although the currency market reaction was a little more interesting".

He also made a pointed threat against Canada, saying that if it can't reach a new trade deal, then he will slap the country with devastating tariffs on automotive imports.

If there is to be an update of NAFTA, Canada will have to agree to the new provisions announced by the United States and Mexico.

NAFTA, which came into effect at the beginning of January 1994, lifted tariffs on virtually all goods traded among the US, Canada, and Mexico. "We already know that there will still be a deal between Mexico and the United States".

All told, the deal is not necessarily fatal for the country's prospects of remaining in the trade pact, whatever its new name.

Jared Kushner, President Trump's senior adviser, chimed in, saying the U.S. -Mexico deal was done "in nearly record time" for a trade deal.

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