August 27, 2018 / 3:10 PM / 3 months ago

Exclusive: U.S., Mexico reach NAFTA deal; talks with Canada to start immediately

The flags of Canada, Mexico and the U.S. are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City, Mexico, March 5, 2018. REUTERS/Edgard Garrido/Files

WASHINGTON (Reuters) - 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 agreement 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 in an interview.

“There are still issues with Canada but I think they could be resolved very quickly,” the official said.

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

Reporting by Roberta Rampton and Jeff Mason; Editing by Chizu Nomiyama

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