Here's how the US-Mexico trade deal would differ from NAFTA

"It's a big day for our country", the president told reporters in the Oval Office, who were summoned to watch Trump speak by phone with outgoing Mexican President Enrique Peña Nieto.

U.S. stock indexes hit fresh records Monday as the United States and Mexico struck a tentative a bilateral trade deal that's expected to replace the 24-year old North American Free Trade Agreement. This deadline would enable current Mexican President Enrique Pena Nieto to get the deal signed before he leaves office December 1, rather than see negotiations carry on under incoming president Andres Manuel Lopez Obrador.

Trump said Monday that he hopes Canada will join the deal by Friday, a move which seemed meant to bring Canada, to the table quickly and limit the country's ability to press its own concerns.

There is no formal free trade deal between the USA and Mexico, only an agreement between the two countries on how to resolve key issues in their trade relationship as part of the NAFTA talks.

Trump even gave the bilateral agreement a name: the "US-Mexico Trade Agreement", which he said would replace the trilateral free trade deal.

U.S. Trade Rep. Robert Lightizer said the deal will likely be sent to Congress on Friday and signed in November.

Dias said he was concerned Trump linked potential tariffs on Canada's auto sector to concessions on the agricultural supply management system, but said it was nothing new.

Still, any new agreement is far from final. It has a bad connotation because the United States was hurt very badly by NAFTA for many years. The negotiations were "difficult" at times, Peña Nieto said, but added that the new framework would boost productivity in North America.

The agreement they reached Monday updates the trade relationship between the two countries, a necessary step on the road to a new three-way NAFTA deal.

Ashworth expects Canada will be less accepting of USA demands for sweeping reforms to its dairy market, given the political sensitivity of the issue ahead of the federal election due in October 2019. But Mexico's foreign minister on Monday suggested a bilateral deal without Canada could be acceptable.

Trudeau has insisted his government will only sign a deal that's good for Canada.

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"For US-China trade, it is going to be much more hard to come to a short-term resolution, particularly if we sit back for a minute and look at some of the rhetoric coming out of this administration", Ms Celico said.

"But one way or the other, we have a deal with Canada". But Trump has called the agreement "the worst deal maybe ever signed" and moved ahead with tariffs earlier this year.

Adam Austen, a spokesman for Canadian Foreign Minister Chrystia Freeland, said: "Canada is encouraged by the continued optimism shown by our negotiating partners".

He said the US could make a separate deal with Canada or add them into the deal with Mexico.

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.

The U.S. and Mexico have been negotiating over the NAFTA for months.

It's a preliminary deal between the two countries.

Donald Trump has officially proven you do not need to understand speakerphone to become President of the United States.

Representatives of all three parties to the North American Free Trade Agreement had been trying for more than a year to renegotiate the deal.

Trump's comments aside, there's still "a lot of play left in the NAFTA talks", said Eric Miller, president of the consulting firm Rideau Potomac Strategy Group, which focuses on trade issues.

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