U.S., Mexico reach deal over NAFTA

August 27, 2018 09:43 pm | Updated 09:43 pm IST - WASHINGTON

The United States and Mexico reached a deal on Monday to replace the North American Free Trade Agreement (NAFTA) and talks with Canada were expected to begin immediately in the hopes of reaching a final pact by Friday, a senior U.S. trade official said.

“We are now inviting the Canadians in as well and hope that we can reach a fair and successful conclusion with them as well,” the official told Reuters. “There are still issues with Canada but I think they could be resolved very quickly,” the official added.

The U.S.-Mexico deal would require 75% of auto content to be made in the U.S. and Mexico, up from the current level of 62.5%, and would require 40% to 45% of auto content to be made by workers earning at least $16 per hour, a second official said.

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