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00:00:00
>> We have worked long and hard.>> Potential new rules on auto production announced Monday, part of a revamp of the contentious North American Free Trade Agreement, or NAFTA. Reuters correspondent, David Lauter.>> This trade agreement is a big deal for autos because it requires 75% of the value of cars and trucks in the United States and Mexico to be produced in those two countries.
00:00:25
>> The preliminary agreement, which is so far short on details, is also expected to help US farmers, who export most of their products to Mexico and Canada.>> Mexico's promise to immediately start purchasing as much foreign product as they can. They're gonna work on that very hard.>> The deal unveiled on an awkward phone call Monday between President Trump and Mexico's outgoing president, Enrique Pena Nieto.
00:00:52
>> The president is on the phone.
00:00:53
BLANK_AU
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00:00:56
Enrique, you wanna put that on this phone, please. Hello?>> After finally establishing a phone connection, President Trump also announced a notable change to NAFTA.>> I like to call this deal the United States-Mexico Trade Agreement. I think I think it's an elegant name. I think NAFTA has a lot of bad connotations for the United States cuz it was a rip off.
00:01:19
>> Monday's breakthrough amping up the pressure on Canada to get on board.>> We will see whether or not we decide to put up Canada or just do a seperate deal with Canada, if they want to make the deal.>> Canada was left off to the side while the United States and Mexico pursued this agreement.
00:01:35
Now Canada has exactly one week to come back in and try to sign onto this deal before it gets notified to Congress and gets signed as a bilateral agreement. Canada or course would make it a trilateral agreement.>> Shares of US automakers, which stand to gain from a revamped trade deal rallied sharply on the news.