Stocks Jumped Higher Monday Following The Announcement That The U.s. And Mexico Have Reached A New Trade Deal.
The S&P 500 and the Nasdaq Composite both hit record highs. The Nasdaq was up 0.91 percent, while the S&P 500 rose 0.77 percent. The Dow Jones Industrial Average rose slightly more than 1 percent.
News of the deal appeared to reassure investors that the Trump administration can make solid progress on trade deals. – READ MORE
[divider][/divider]President Trump on Monday said he plans to terminate the existing North American Free Trade Agreement, as he announced a new tentative agreement between the United States and Mexico that he described as “one of the largest trade deals ever made.”
“I’ll be terminating the existing deal and going into this deal,” the president said in the Oval Office, calling it a “big day for trade.”
But the president said Monday “we’ll see” if Canada can still be part of the trade pact, leaving open the possibility of separate agreements.
“We are starting negotiations with Canada pretty much immediately,” Trump said.
Trump, sitting at the Resolute Desk, put Mexican President Enrique Peña Nieto on his speaker phone as the press watched in the Oval Office. The Mexican president, speaking through a translator, congratulated the negotiators on both sides and expressed hope the United States and Canada would come to an agreement.
Later, the White House said Canadian Prime Minister Justin Trudeau congratulated Trump. “The leaders discussed US – Canada trade and agreed to continue productive conversations,” White House officials said.
Earlier in the day, Trump said he wanted to get rid of the name “NAFTA” because it has bad connotations. He said he planned to call the deal the “United States-Mexico Trade Agreement” instead.- READ MORE
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