On Monday, U.S. President Donald Trump and outgoing Mexican President Peno Nieto introduced a bilateral commerce deal between the 2 nations that’s meant to interchange the North American Free Commerce Settlement.
Although NAFTA initially included Canada in addition to the opposite two nations, the deal — referred to as U.S.-Mexico Commerce Settlement — doesn’t embody Canada. Trump has stated negotiations with Canada will probably be persevering with, and Nieto stated he needs that Canada be included into the deal.
WATCH: Highlights of the announcement from Trump and Nieto
Learn the total transcript of the announcement from Trump and Nieto beneath:
PRESIDENT TRUMP: Howdy all people. It’s an enormous day for commerce, an enormous day for our nation. Lots of people thought we’d by no means get right here as a result of all of us negotiate powerful. We do, and so does Mexico. And it is a great factor.
This has to do — they used to name it NAFTA. We’re going to name it the United States-Mexico Commerce Settlement, and we’ll do away with the title NAFTA. It has a nasty connotation as a result of america was damage very badly by NAFTA for a few years. And now it’s a very whole lot for each nations, and we glance very a lot ahead to it.
And I imagine the President is on the cellphone. Enrique? You possibly can hook him up. Inform me when.
How are you? It’s an enormous factor. Lots of people ready. Howdy? Do you wish to put that on this cellphone, please? Howdy? Be useful.
PRESIDENT PEÑA NIETO: (As interpreted.) President Trump, how are you? Good morning.
PRESIDENT TRUMP: hank you, Enrique. And congratulations. That’s actually a implausible factor. We’ve all labored very exhausting, and your sensible representatives are sitting proper in entrance of me. And I believed we’d congratulate one another earlier than it obtained out. And I do know we’ll have a proper information convention within the not-too-distant future.
PRESIDENT PEÑA NIETO: (As interpreted.) Thanks very a lot, President Trump. I believe that is one thing very optimistic for america and Mexico. And the primary purpose for this name, Mr. President, is, to begin with, to have a good time the understanding we now have had between each negotiating peace on NAFTA, within the curiosity we now have had for fairly just a few months now to resume it, to modernize it, to replace it, and to generate a framework that may enhance and potentiate productiveness in North America.
It’s our want, Mr. President, that now Canada may even have the ability to be included in all this. And I assume that they going to hold out negotiations of the delicate bilateral points between Mexico — quite, between Canada and america.
And I’m actually grateful, Mr. President. I wish to say that you simply — I significantly acknowledge and acknowledge your political will and your participation on this. And on this paved path, I wish to bear my testimony, Mr. President, and my acknowledgement to each negotiating groups, particularly the crew that’s headed and led by Mr. Robert Lighthizer, and in addition the accompaniment and the assist we now have had from the White Home by means of Jared Kushner.
And I additionally lengthen this recognition to the Mexican crew. They’re listening to you. They’re near you proper now — International Minister Luis Videgaray and the Secretary of the Economic system, Mr. Guajardo.
Sure, when it comes to (inaudible) the negotiations which have taken months, it’s been tough, advanced, and a really exhausting negotiation altogether with tough moments, in fact. However I really acknowledge now the truth that we’ve been in a position to attain an settlement that we’re about to make public. And that is the results of good understanding and good work. And I — in fact, I’m fairly hopeful that now Canada would begin discussing with america the delicate bilateral difficulty.
Congratulations, President Trump. I’m very grateful and I’m attentive to your feedback.
PRESIDENT TRUMP: Nicely, Mr. President, thanks very a lot. It’s an honor. You’ve been my buddy. It’s been a very long time since I traveled to Mexico, the place we obtained to know one another fairly nicely and we really had a superb assembly. Some individuals weren’t positive if it was a superb assembly, however I used to be.
I’ve lots of good conferences that lots of people aren’t positive in the event that they have been good or not.
But it surely’s been a very long time, and that is one thing that’s very particular for our producers and for our farmers from each nations, for the entire folks that work for jobs. It’s additionally nice commerce and it makes it a way more honest invoice. And we’re very, very enthusiastic about it.
We now have labored lengthy and exhausting. Your representatives have been terrific. My representatives have been implausible too. They’ve gotten alongside very nicely, they usually’ve labored late into the night time for months. It’s an especially advanced invoice and it’s one thing that I believe will probably be talked about for a few years to come back. It’s simply good for each nations.
As far Canada is worried, we haven’t began with Canada but. We needed to do Mexico and see if that was doable to do. And it wasn’t — I believe, it wasn’t from any standpoint one thing that most individuals thought was even doable once we began.
For those who have a look at it, you bear in mind, firstly, many individuals thought that this was one thing that simply couldn’t occur due to the entire totally different factions, the entire totally different sides, and the complexity. And we made it a lot less complicated, a lot better. A lot better for each nations.
Canada will begin negotiations shortly. I’ll be calling the Prime Minister very quickly. And we’ll begin negotiation, and in the event that they’d like to barter pretty, we’ll try this. , they’ve tariffs of virtually 300 p.c on a few of our dairy merchandise, and we will’t have that. We’re not going to face for that.
I believe with Canada, frankly, the simplest factor we will do is to tariff their automobiles coming in. It’s an amazing amount of cash and it’s a quite simple negotiation. It may finish in sooner or later and we soak up some huge cash the next day.
However I believe we’ll give them an opportunity to most likely have a separate deal. We will have a separate deal or we will put it into this deal. I wish to name this deal the United States-Mexico Commerce Settlement. I believe it’s a sublime title. I believe NAFTA has lots of unhealthy connotations for america as a result of it was a rip-off. It was a deal that was a horrible deal for our nation, and I believe it’s obtained lots of unhealthy connotations to lots of people. And so we’ll most likely — you and I’ll conform to the title.
We are going to see whether or not or not we resolve to place up Canada or simply do a separate cope with Canada, in the event that they wish to make the deal. The best deal is kind of already made. It could be very simple to do and execute.
However I’ll — I’ll let you know that working with you has been a pleasure. Talking with and dealing President-elect López Obrador has been completely a really, very particular time.
You each got here collectively on your nation. You labored collectively. I believe that’s necessary for the media to know. We now have a little bit — a small quantity of media in our presence, like all people. And the media ought to know that the President and the President-elect labored very carefully collectively as a result of the President felt it was necessary that the President-elect favored what he was seeing.
And our groups labored collectively. Our groups have been rather well unified, and your crew was very nicely unified. I used to be very impressed with the truth that the 2 Presidents got here collectively and labored out one thing mutually agreeable.
So it’s an unbelievable deal. It’s an unbelievable deal for each events. Most significantly, it’s an unbelievable deal for the employees and for the residents of each nations. Our farmers are going to be so completely happy. , my farmers — the farmers have caught with me; I stated we have been going to do that. And Mexico has promised to instantly begin buying as a lot farm product as they’ll. They’re going to work on that very exhausting.
And as you already know, we’re working — unrelated to this, we’re working very a lot with different nations. China is one; they wish to speak. And it’s simply not proper time to speak proper now, to be sincere, with China. It’s been — it’s too one-sided for too a few years, for too many a long time. And so it’s not the suitable time to speak. However ultimately, I’m positive, that we’ll have the ability to work out a cope with China. Within the meantime, we’re doing very nicely with China.
Our economic system is up. It’s by no means been this good earlier than, and I believe it’s solely going to get higher.
However, Mr. President, you’ve been my buddy and you’ve got been anyone that’s been very particular in lots of methods. We speak rather a lot. We talked rather a lot about this deal. And I’d wish to congratulate you and the Mexican individuals.
PRESIDENT PEÑA NIETO: (As interpreted.) Thanks very a lot, Mr. President.
I lastly acknowledge this, particularly due to the purpose of understanding we are actually reaching on this deal. And I actually hope and I need — I want — that the half with Canada will probably be materializing in a really concrete vogue; that we will have an settlement the best way we proposed it from the initiation of this renegotiating course of, a tripartite.
However in the present day I have a good time the (inaudible) between america and Mexico as a result of we’re reaching a last level of understanding. And I hope that within the following days we will materialize (inaudible) within the formalization of the settlement.
One thing extra, Mr. President — and you’ve got already talked about it — it has to do with an concerned and dedicated participation of the administration and the President-elect of Mexico. As you already know, we are actually going by means of a interval of transition, and it has been doable to create a extremely unified entrance between the negotiating crew of this administration and the individuals appointed by the President-elect of Mexico to be observers and take part on this settlement, on this understanding, to achieve the purpose we are actually reaching.
The President-elect has been conscious of every little thing that has been taking place, and I’ve additionally had the chance of speaking to him immediately and personally on the progress being made.
You may have additionally had direct conversations with President-elect. Issues that we now have to do and I hope we now have the house to do it will be to seek out — to toast a superb toast with tequila, in fact — (laughter) — to have a good time this understanding.
PRESIDENT TRUMP: Enrique, I believe that’s precisely proper. And you already know the great relationship that I’ve already established with the President-elect. I used to be very impressed with him, I need to let you know. He was terrific in each method. And he needs — you already know, he loves your nation such as you love your nation. You wish to do the suitable factor. And we’re actually doing the suitable factor for all of us. So I actually get pleasure from that. Please ship him my regards, and I’ll converse to him very shortly.
However this was nice that you simply have been in a position to do it collectively. I believe doing it mutually versus simply you doing it — and even simply him doing it — I believe a mutual settlement between your two administrations was a implausible factor. I advised that early on, and I believe it was instantly embraced and I believe it was a very implausible factor that you simply have been in a position to do it — and with nice spirit. I imply, it was nice coordination and spirit. So I believe that’s actually simply nice.
And, you already know, one of many issues that I’m enthusiastic about is you’re going to be serving to us on the border. You’re going to be working along with us on agriculture. You’re going to be working in many various methods, and we’re going to be working with you in many various methods. This can be a very complete settlement.
So, Enrique, I’ll see you quickly. I believe we’re going to have a really formal ceremony. This is among the largest commerce offers ever made. Possibly the most important commerce deal ever made. And it’s actually one thing very particular that two nations have been in a position to come collectively and get it performed.
And I simply wish to thank all of my individuals — Bob and Jared. And, gents, you’ve gotten been actually nice, the best way you’ve labored so lengthy. And I do know you’ve been going up till three o’clock, 4 o’clock within the morning, after which getting in at eight.
So I simply wish to — on behalf of america, I wish to thanks very a lot. And I can say that Mexico may be very happy with you. They’re very happy with you. Thanks all very a lot.
Enrique, I’ll see you quickly. I’ll speak to you quickly. And congratulations, and job nicely performed.
PRESIDENT PEÑA NIETO: (As interpreted). Thanks, Mr. President, and congratulations as nicely to you, to the negotiating crew, to the (inaudible) of each nations. We’ll be ready for Canada to be built-in into this course of.
I ship you an affectionate hug. And all my greetings to you and my regards.
PRESIDENT TRUMP: A hug from you’ll be very good. (Laughter). Thanks. So lengthy. Thanks. Goodbye, Enrique.
Okay, so we’ve made the cope with Canada. It’s a really —
Query from viewers: With Canada?
PRESIDENT TRUMP: They’re beginning. We made the cope with Mexico. And I believe it’s a really — deal. We’re beginning negotiations with Canada, just about instantly. I can’t let you know the place these negotiations are gone. It’s going to be a — it’s a smaller section, as you already know. Mexico is a really massive buying and selling associate. However we’ve now concluded our deal and it’s being finalized.
And, Bob, when would you say will probably be signed — really, formally, signed?
AMBASSADOR LIGHTHIZER: Nicely, it can probably be signed on the finish of November as a result of there’s a 90-day layover interval due to our statute. However we anticipate to submit our letter to Congress, starting that course of on Friday.
PRESIDENT TRUMP: Okay, in order that begins the method.
AMBASSADOR LIGHTHIZER: After which 90 days later, will probably be signed.
PRESIDENT TRUMP: We now have an settlement the place — each with Canada and with Mexico — I’ll terminate the prevailing deal. When that occurs, I can’t fairly let you know; it is determined by what the timetable is with Congress. However I’ll be terminating the prevailing deal and going into this deal. We’ll begin negotiating with Canada comparatively quickly. They wish to begin — they wish to negotiate very badly.
However someway, we now have a cope with Canada. It is going to both be a tariff on automobiles, or will probably be a negotiated deal. And, frankly, a tariff on automobiles is a a lot simpler method to go. However maybe the opposite could be a lot better for Canada.
And we’re seeking to assist — you already know, we’re seeking to assist our neighbors, too. If we may also help our neighbors, that’s a superb factor, not a nasty factor. So we’re going to begin that negotiation imminently. I’ll be talking with Prime Minister Trudeau in a short time.
So I wish to thank all people. I wish to thanks. What an amazing job you’ve all performed. And it’s been — it’s been an extended one, however lots of people thought this was not a doable transaction. It’s going to be nice for our individuals. And once more, I wish to thanks of us. And we’ll see you on the signing, and we’ll see you a lot occasions earlier than that, I’m positive.
So, congratulations to the individuals of Mexico. Nice job.
Thanks very a lot all people.
*This transcript was offered by the White Home and confirmed by International Information.
© 2018 International Information, a division of Corus Leisure Inc.