Trump Announces New Trade Deal With Mexico

*By Carlo Versano* Markets were higher across the board Monday after President Trump announced his framework for a trade deal with Mexico that he hopes will replace NAFTA. The Nasdaq marked its first-ever close above 8,000, and the Dow rose more than a percent, crossing the 26,000 mark for the first time since Feb. 2. The announcement from Trump in the Oval Office ー with Mexican President Enrique Peña Nieto on the phone ー could ease concerns among American manufacturers that the administration's tough stance on trade could scuttle the chance for a reworked NAFTA deal. Trump said Monday that he wanted the new agreement to be called the "United States-Mexico Trade Agreement." "NAFTA has a lot of bad connotations for us, because it was a rip off," he said. Canada has stayed conspicuously absent from this round of negotiations. No foundation with the Canadians was established for an expanded North American deal. President Peña Nieto [tweeted](https://twitter.com/EPN/status/1034089218220249088) that he was angling to get the Canadians back to the table. Trump said "we'll see" if Canada can be part of an expanded deal. A spokesman for Canada's foreign minister replied: "We will only sign a new NAFTA that is good for Canada and good for the middle class. Canada’s signature is required."

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