WASHINGTON-In a major advance in NAFTA negotiations, the US and Mexico have come to a preliminary deal on new North American rules for automotive manufacturing and on other key issues, USA news outlets reported on Monday.
A US industry source briefed on the talks said a deal had been reached.
And they have not come to an agreement over the "sunset clause" the U.S.is demanding, which would automatically terminate NAFTA in five years if the three countries did not all endorse the deal again at that time. "We want a good deal, not just any deal".
The peso rose ahead of Trump's remarks. Timelines set out under U.S. trade law mean that would nearly certainly be done by the next U.S. Congress, raising the prospect of further hurdles.
After the announcement, Pena Nieto thanked Trump for his political will and participation in the deal, but asked that Canada also be included in the agreement. The northern neighbour has been on the sidelines of the talks since July as Mexico and the U.S focused on settling differences.
Canada's Foreign Affairs Minister Chrystia Freeland is now overseas on a diplomatic trip to Germany, Ukraine and France.
Canada's Foreign Affairs Minister, Chrystia Freeland, said recently she was waiting on the US and Mexico to resolve their differences on automotive rules of origin before returning to the table.
"There is still a great deal of uncertainty. trepidation, nervousness - a feeling that we are on the outside looking in", said Peter MacKay, a former Canadian minister of justice, defense and foreign affairs who is now a partner at the law firm Baker McKenzie. Significant breakthroughs came during the past several days of bilateral talks on automobiles and energy.
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The "US-Mexico Trade Agreement" does not exist - and likely never will. However, while the USA and Mexico have reached tentative agreement, they're working under a tight deadline, hoping to have things finalized before Mexican President-elect Andrés Manuel López Obrador is sworn in on December 1. He declined to identify the issue.
Once the closest of allies, the USA and Canada have adopted divergent paths in recent years.
Trump says the details are still being finalized but noted the deal is good for trade, jobs and farmers.
Al Jazeera's John Holman, reporting from Mexico City, said outgoing President Nieto "probably had to make sacrifices" to protect a trade agreement with the U.S., with a possible outcome being the flight of auto manufacturing companies from the country.
Talks between the US and Mexico had focused largely on cars.
But compared to the more dire possibilities-that Mr. Trump would pull the US out of Nafta or, lacking congressional approval of that, impose high tariffs on Mexican and Canadian goods that would render the agreement obsolete-the possibility of renegotiation counts as a relief.
There are still questions about how these would work with tariffs on auto imports enacted by the Trump administration.
President Donald Trump made the announcement from the Oval Office.