What Agreement with Mexico Means for Ag

President Donald Trump hailed a deal with Mexico to revamp the North American Free Trade Agreement as “a big day for our country” and said he plans to change the name of a reworked version of the accord.

Trump announced the agreement Monday with Mexican President Enrique Pena Nieto. Nieto said he hoped Canada would soon be incorporated in the revised agreement, while Trump said that remains to be seen.

The northern neighbor has been on the sidelines of the talks since July as Mexico and the U.S focused on settling differences. The administration said it hopes to persuade Canada to join by the end of the week.

A spokesman for Canadian Foreign Minister Chrystia Freeland issued a statement that warned against jumping to conclusions. “Canada’s signature is required,” spokesman Adam Austen said. “We will only sign a new NAFTA that is good for Canada and good for the middle class” and “we will continue to work toward a modernized NAFTA.”

USDA’s Sonny Perdue said the agreement is good for farmers.

“This is nothing short of a great victory for farmers and ranchers, because locking in our access to Mexican markets is critical to supporting farm income and strengthening rural communities,” he said. “Mexico has historically been a great customer and partner and we are happy to have this resolved for our agricultural producers.”

Zippy Duvall, president of the American Farm Bureau Federation, described the agreement as good news.

“In a time when the U.S. economy is booming,” he said, “our farmers have been left behind. Open markets and good trade agreements will give American agriculture the opportunity to be a part of this booming economy.”

Significant breakthroughs between the U.S. and Canada came during the past several days of bilateral talks on automobiles and energy.

The three countries trade more than $1 trillion annually, much of it under the pact.

Sources: Politico and Bloomberg