Finance

Trump to announce NAFTA ‘handshake’ deal on Thursday: report

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The Trump administration is reportedly planning to announce this week that it has reached an agreement with Mexico in its renegotiation of the North American Free Trade Agreement (NAFTA).

White House officials are expected to announce they have reached a “handshake” deal with Mexico on Thursday that would make way for Canada to rejoin negotiations, Politico reported on Tuesday evening. President Trump is expected to be in attendance for the announcement, according to Politico.

Politico also reported that Mexican officials aren’t likely to be present for the announcement, as they are reportedly “wary of making any formal announcement before Canada is in.”

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The U.S. has been conducting one-on-one negations with Mexico since June, when negotiations between the three nations fell apart.

The U.S. is under pressure to renegotiate a new deal by the end of the month. Outgoing Mexican President Enrique Peña Nieto is looking to make a new deal before leaving office by the end of November, and a new Mexican Congress will take office on Sept. 1.

Additionally, Senate Republicans have pressured Trump to finish renegotiation talks by Labor Day to ensure that the dispute doesn’t affect midterm elections.

Trump routinely railed against NAFTA on the campaign trail and has threatened to withdraw from the pact if the three nations can’t renegotiate a new deal.

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