Mexico, US close to a deal on NAFTA overhaul

The Mexican peso is jumping on hope for NAFTA progress

"Europe is a very important one that I've been looking forward to", she said, adding she will be meeting with the foreign ministers of Germany and France, as well as addressing the annual meeting of Ukraine's ambassadors to show Canada's support for its sovereignty and opposition to Russia's annexation of Crimea.

Trump has threatened to withdraw from the 24-year-old trade pact between the United States, Mexico and Canada if it is not reworked to the advantage of US workers.

President Donald Trump said the USA may be on the verge of a "big trade agreement" with Mexico as the Nafta representative of that nation's president-elect signaled that the thorny issue of rules for the energy industry seems to be resolved. "It's no longer what the United States was putting first in any way", Seade said of the sunset clause outside the US Trade Representative's office.

Earlier in August, Mexican Economy Minister Ildefonso Guajardo expressed doubts that talks on the trade agreement would be finished in August, as had been previously planned. He says the deal has led to hundreds of thousands of lost American jobs, and he promised to either change it to be more favorable to the US, or withdraw.

"I think the handshake happens when everybody's done". S. talks have been complicated by divisions between the incoming and outgoing Mexican administrations over energy policy. The federal government, a few have warned, could find itself forced into deciding whether to accept a less-appetizing deal hashed out between the USA and Mexico.

Officials in both the US and Mexico have said they are keen to reset the fractious tone between the neighbors that has marred relations since Trump took office.

There are also concerns Canada's two NAFTA partners have gone much deeper into trilateral issues during Ottawa's absence.

The three countries have been negotiating for a year to save the free trade agreement that US President Donald Trump considers disastrous for his country.

For several weeks, Canada's team has been expected to rejoin the talks in Washington, but its anticipated return has been delayed and it remains unclear when it will be invited back. "One proposal", according to the Journal, "is for existing plants to pay a 2.5% tariff if they fail to meet the requirements but for new plants to face a higher [tariff] rate". "We're going to put a 25% tax on every auto that comes into the United States from the European Union", the president told supporters at a campaign rally in West Virginia on Tuesday, complaining that there were no Chevrolets to be seen on the streets in Berlin. The U.S. wants a "sunset clause", meaning the NAFTA deal would have to be renewed every five years, and they are adamant on this point.

Seade also said on Saturday that a "correct focus" on NAFTA's energy chapter has already been substantially agreed.

He's spoken of better relations with America's neighbour following the rise of Mexican President-elect Andres Manuel Lopez Obrador (ahn-DRAYS' mahn-WEHL' LOH'-pez OH'-brah-dohr). And when AMLO takes office on December 1, he has plans to revise or even delay any new offerings of gas and oil acreage for exploration.

Talks to construct a revised NAFTA deal have been going on for more than a year.

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