., canada, and mexico on updating the north american free trade agreement, or nafta, hosted by the national press foundation, this is about 45 minutes. >> the stuff that's in nafta and part of the reason the fights are so fraught and why so many groups who wouldn't think we have a stake in the trade fight, like consumer groups like mine, is because of what's actually in the agreements. number one, with nafta, the core provision is investment protections. this gets to the whole job outsourcing thing, and i'm going to explain what part of nafta ask that so you can know whether or not if they get the renotion done it actually fixes that, which is what president trump said he was out to do. and the second thing is a lot of the tax has nontrade issues in it. things like food safety standards, really behind the border policies thaw might be covering with a totally different agency when you're not writing a trade story is now being renegotiated in so-called trade agreements. so for just the basics, nafta was negotiated in -- it was signed in 1992, negotiated by george bush, the first one,

these trade issues is that one of the key things to understand about the trade agreements like nafta is they are not about trade per se. all those actions around china and aluminum, that's about trade, tariffs. the reason why you wouldn't think we'd have a stake in the trade fight like human rights groups are involved is because of what's in the agreement. number one, with nafta, the core provision is investment protection. it gets to the whole job thing and i'm going to explain what part of nafta does that so you can know whether or not if they get the renegotiation done, it fixes that it is what president teddy was up to do and the second thing is a lot of the tax as non-trade issues in it. things like food safety center, by order policies you might be covering with a totally different agency when you're not writing atrade story is being renegotiated . so for just the basics, nafta was negotiated and signed in 92, negotiated by george bush the first one and quentin inherited it, promised to change it but didn't and made a huge push to get to congress. the added nonbinding agreement

about nafta committed to come in fact, and the politics of renegotiating it. >> thank thank you very much. thank you for the opportunity to the national press foundation and good morning and thank you to all of you. so i would say the one thing to keep in mind if you think that how you conduct to a cover allf these trade issues is that one of the key things to understand about the trade agreement like nafta is there not merely about trade per se. all those trade enforcement actions about china and steel and aluminum, that's really about trade, tariffs. the stuff that is a nafta apart of the reason the fights are so fraught and why so many groups you would think would have a stake in the trade fight by consumer groups like mine or environment of groups, human rights groups that are involved is because what's in the agreements. number one with nafta the corporation as investment protections. this gets to the whole job outsourcing i'll explain what part of nafta does that so you know whether or not if they get to renegotiation that it fixes that which is what president trump said he was

with the director of public citizen's global trade watch talking specifically about nafta and what is coming up in the renegotiations process and we will go to jennifer hellman from georgetown talking about the wto and the brexit process and american manufacturing, talking specifically about the mechanics of the trade process and the inside dumping case, what that means and how processes work through the payment of commerce, what the actual points are where you can see things happening to do a story on them. in the afternoon after lunch we will have jennifer thomas of the alliance of automobile manufacturers, using the auto industry is a case study for what has been happening and what could happen if the trade actions underway or foreseen come to play, what will happen to this industry and john burke from the chamber of commerce talking more broadly about love you of these trade actions from business in general, which jennifer talked about and has been talking about. and doug palmer from politico has been on the speech a long time 15 or 20 years, anna swanson from the new york time

remarks on the current nafta talks between the u.s., canada, and mexico. >> thank you for the opportunity for the national press foundation. good morning and thank you. i would say the one thing to keep in mind when you think about how you're going to cover the trade issues is that one of the key things to understand about the trade agreements like nafta is there not mainly about trade. all of them, that's really about trade, tariffs. the stuff that's in nafta and why the fight is so fraught and so many they would not think would have a stake in the trade group is because what is actually in the agreement. number one, the core provision is investment protection. it gets to the whole thing and can explain what part of nafta does that see you can know if they get to negotiation it sticks. the second thing, it has nontraded issues. it's like food safety standards and behind the border policies that you might be covering with different agency is being renegotiated into trade agreements. for just the basics, nafta was negotiated and 92 negotiated by george bush, clinton inherited p

january, 25 years this nafta was radical change, a small tax trade agreement. tariffs andith voter taxes and limits. technical fail here. am and a half a really i charmer. i am like a jinx. nafta was as i said much gets fornsive and this a very quick detour of how we which this situation and is if you look at what we had for 25-50 years after world war ii, the so called system, the that, that was the global trade rules cutting tariffs, on stuff. another moment we'll look at the other two. you couldn't drop it on the foot. globalization era and nafta starts this and all the new agreements and those are versions of them but in summation it is service sector regulations, food safety, product standards for worker safety and environment and investments and then, then, also, government procurement. had herve been in a trade agreement. so you have original trade andement from about quotas tariffs that was numbers. this is the text of mav ta. behind thees of border policy and incentives so politicaltart having fight about that, it becomes super controversial because you effectively writing

. we will turn out to the next 90 minutes and specifically, the nafta negotiations. you can join the discussion on the same lines with questions about nafta. to begin the discussion, we are joined on the phone by a trade reporter for the new york times, who has been following the in's and out's. bring us up to speed on where those negotiations are. how close are we on a final deal coming together? ana: thank you so much for having me. we are getting quite a lot closer. and it's hard to say when this will wrap up. host: we will work on that connection for you. i think you are back. ana: can you hear me now? host: go ahead. ana: we are getting closer to a deal here. there is more optimism in the process than i have seen previously with the mexicans and americans, in particular, really wanting to wrap up a deal in the next few weeks because that would be the best for the mexican political calendar. they have just gone through an election there. the outgoing administration would very much like to sign a revised nafta deal before the new administration comes into power. by something that

now it sounds like nafta is effectively dead in the water but not so fast president he's got to get congressional approval to move forward with any sort of replacement deal as of now he's calling this the us mexico trade agreement clearly canada not yet a part of this deal not being named president trump sounding a bit hesitant to bring canada into the fold given the recent terror spat and verbal sparring he's had with canadian pm justin trudeau now chrystia freeland canada's foreign minister said in a statement that canada would only join a new deal if it were quote good for the middle class adding that canada wants to continue working toward a modernization of the existing nafta deal now on this new proposal with mexico so far trump says there will be major changes in joint manufacturing of cars he says for cars to be considered made in north america seventy five percent of the parts must be made in either the u.s. or mexico and that's up from the previous nafta deal which only require them to be sixty two and a half percent of parts made here also the prospective new deal would a

he promise he could renegotiate nafta and is doing that a lot of this is the president showing he is living up in terms of promises to his base. workers feel displaced by nafta and by globalization generally this is as much messaging as it is negotiating and we'll see how much of the negotiating details we actually get from the president here. >> there has been no word from canada this is nafta, not just the u.s. and mexico, so what benefit does the president have from getting out and making it seem like there's real progress in this at this stage is it to pressure canada to the table and perhaps bend in ways they haven't shown a willingness up to this point >> reporter: the president can present this as a faito put put pressure on the canadians or something similar to it, present it as two sides of the three sided triangle have been completed, now canada, time for you guys to sign up here we'll see if it has the political impact the president wants. the president has been feuding with the canadians he made himself relatively unpopular in canada by feuding with their political leader

trade center markets for exports without nafta's current incentives to outsource and ability for multinational corporations to attack our existing laws. food safety, the environment. and take taxpayer money. the so-called investor state tribunal. you get rid of the bad stuff. you add in the missing stuff and then you get the benefits of trade without the baggage. host: how close are we to that ideal in your mind in current renegotiation? what's very interesting and sort of unexpected is that this administration with which groups like mine don't agree on really anything actually have an overlap in what we think is necessary to fix nafta. because democrats, progressives, consumer groups, environmental groups, unions have been saying for the whole 25 years of nafta that we need to get the outsourcing incentives out and thein something that stops poll of super low wages in mexico pulling jobs to outsource. so this administration, president trump ran and basically got elected in no small part in the key swing states in the midwest pledging to and outsourcing and to bring down the trad

we will call it the united states mexico trade agreement. we will get rid of the name nafta. has a bad connotation because the united states was hurt that they buy it for many years. it's a really good deal for both countries. mark: mark: the president made the comments after he calls an understanding with mexico the could lead to an overhaul of the trade pact. the president called it a job killing disaster. congressional democrats will not say whether they think that president trump has committed impeachable offenses, but they are promising vigorous investigations if the party regains control of the house in november. republicans have seized on the threat of impure -- impeachment to fuel turnout in the midterms. italy is threatening to veto the european union budget over migration policy. the italian government is unhappy to use members fail to follow through on a deal reached the floodr handling of migrants. the italian deputy prime minister says the country will cut whatever budget measures are not convenient. north korea is accusing the u.s. of staging military drills foreign i

are getting rid of nafta because it was a bad deal for the united states president next nato said he hoped that now the canadians could join the price or try party deal while the two leaders seems at odds of the inclusion of canada what was called a framework agreement between mexico and the u.s. is seen as a for middle both feet for war we're joined by our to correspond at manila chan manila thank you for being with us you've been following this all day all day what's the latest well you know you've nailed everything there so far apart and of course where else did it start but on twitter the president's favorite outlet so the outgoing mexican president enrique pena nieto solidified that vague tweet president trying to put out this morning by joining trump on speakerphone before the press listen to what pena nieto had to say. if you're going to move. we can take a blanket you might be a little. bit what you believe you are if you're going to be. reported. to. you know to marry now it sounds like nafta is effectively dead in the water but not so fast president he's got to get congr

our partners. it is a requirement for any renewed nafta agreement." we have in the studio michael eric, also joining us is , outside the office of the u.s. trade representative in washington. it's start with eric egos looks like we do have a deal with the u.s. and mexico. saying he is going to speak to donald trump on nafta and mexico aims to conclude a trilateral nafta this week. what are you hearing? yesterday, asted of the weekend and friday night, mexico and the u.s. were poised to reach a deal. we were not sure about the timing but we had reported it would be as soon as today. we were able to confirm this morning that they have reached a deal to resolve issues between the countries. that leaves canada needing to come back to the table. a trilateral deal, there are provisions like dispute settlement and the automatic expiration and both mexico and canada have insisted it remain trilateral despite u.s. preference for a bilateral deal. we are looking for signs of wing canada might come negotiate. vonnie: let's get to josh in ottawa. to a tweet, he spoke with justin trudeau about

. caroline: it looks like the u.s. and canada nafta talks are expected to resume next wednesday. michael: headline from our washington bureau from either the canadians or americans. the president in here he going ahead with a notification to congress to reach a deal with mexico, and that starts the 30-day clock before they have to have the full text of the agreement to capitol hill. they have a month before they can negotiate. one could see this happening where they go back to consultations in ottawa and the u.s. decides to sit down if it wants to make any changes and get together without the artificial pressure of a deadline and say that we are going to continue working on this. there is the legal question about whether the president's notification of a deal with because he was, authorized to negotiate a three-way deal, not a two-way deal. congress is the judge. if they come up with a deal in the meantime, members of congress could overlook the legal niceties. joe: one of the challenges with any deal is the domestic political pressure in canada, given the unappealing politics o

listing nafta deal now on this new proposal with mexico so far trump says there will be major changes in joint manufacturing of cars he says for cars to be considered made in north america seventy five percent of the parts must be made in either the u.s. or mexico and that's up from the previous nafta deal which only require them to be sixty two and a half percent of parts made here also the prospective new deal would also require that somewhere between forty and forty five percent of auto workers earn a minimum wage of sixteen dollars per hour so markets are already responding to this this news but i think it's a little bit too early to celebrate there is no new deal as of yet because congress needs to to see this deal through they need to approve it right now trump plans on sending congress a letter this friday a letter of intent and from there the clock will start on congress they'll have ninety days to make a move and review this matter before we can truly see nafta come to a sunset thank you for the update our to correspondent military and thanks manila. and for more on t

a new nafta deal become reality? all this as president trump's trade war with china sees identical volleys of $16 billion in tariffs. we're on the story. >>> they called her the erin brockovich of food allergies, fighting tirelessly against outrageous price hikes of the life-saving epipen. she's here with what the genetic competitor means for americans suffering from life-threatening allergies. >>> bitcoin bashed again? is a september rate hike a down deal? less than an hour to the closing bell. let's start the "countdown." breaking news. we need to get to what is on your screen right now. two visions of the radar and what hurricane lane looks like. hawaii has now clocked a foot and a half of rain and massive hurricane lane hasn't even made landfall yet. monster surf is pounding the entire island chain and outer rain bands are sweeping through parts of the island. parts of the big island have measured 17 inches of torrential rain. right now, it's not a category 5, it's still a category 4 storm, but hurricane force winds are extending about 40 miles from the center of that storm. yo

united states/mexico trade agreement. i think it's an elegant name. i think nafta has a lot of bad connotations for the united states because it was a ripoff. it was a deal that was a horrible deal for our country. and i think it's got a lot of bad connotations to a lot of people. >> so i'm not saying nafta rolls off the tongue, but the u.s./mexico trade agreement. the dow is up a full percent, 263 points, above 26,000 for the first time in a while. the last time was before we had trade wars going on. so this may be investors saying, oh, maybe you are okay with ending some of these trade wars. we'll talk about this trade deal and what it means. let's get to the white house where right now the president and first lady are wrapping up a meeting with the president of kenya and his wife. geoff bennett joins me. i want to get back to senator mccain and the controversy over flags that are at half staff in congress and many other places in the country but not at the white house. they were at half staff and are now back to full staff. >> reporter: flags are lowered by presidential proclama

-stakes talks today as the administration tries to rewrite nafta. as i'm speaking to you, the president is in the oval office right now with the head of the international soccer federation and the head of u.s. soccer. really, it's a convenient political set piece because as you well know, the u.s., mexico and canada were given the right to host the world cup in 2026. as the administration tris to rewrite a trade deal with both countries, you'll hear the president claim that he's the reason the world cup is coming back to north america. but we have seen him do some counter programming of his own using his favorite megaphone in twitter. and a couple tweets say this, google results for trump news shows only the viewing/reporting of fake news media. in other words, they have it rigged for me and others so that almost all stories and news is bad. he then continues, google and others are suppressing voices of conservatives and hiding information and news that is good. he ends by saying, this situation will be addressed. so that led us to wonder, how is there going to be an investigation? will th

toronto, here are the stories we are following from around the world. stage.akes center nafta negotiations between the u.s. and mexico are heating up. the former u.s. commerce secretary said, without canada involved, it hardly matters. -- markets would crash president trump says that will happen if he is impeached. is tesla revealing a bumpy red for the sec? we look at how it could be taking advantage of challenges within the regulator. start with a quick check of the major averages. we see u.s. stocks mixed at the moment, the dow falling .3%, now falling for a third consecutive session. the s&p 500 being led lower i materials. commodities under pressure in the face of a rising dollar. the nasdaq is giving up some of its earlier gains. essentially flat at the moment. after five sessions of gains. amanda: playing off the president's remarks, a look inside the terminal. a record divide in sentiment about the future based on income. that white line, american annual income. the blue line is below $50,000. -- it isou feel good important where your income lines on how you feel about

experts, who is michael mckee back from jackson hole. we were anticipating a nafta agreement between the two countries. but it is not a nafta agreement until canada gets involved. michael: that is correct. mexico and canada agreed they want a trilateral agreement. the u.s. has reached an agreement with mexico on local car or truckmuch has to be made in the united states? 75% seems to be the working assumption, although we don't have the final details. in exchange, mexico has agreed to raise the level of pay for workers working on these cars to $16 an hour. good news for canada and the united states. this will make mexico less competitive. we are waiting to find out the agreement on the sunset clause, which is the big sticking point. that is whether or not the nafta agreement will be scrapped every five years. there are several other areas in which we don't have details. procurement is a big one. canada, the u.s., mexico government can be steered on and did on other countries -- and bidded on other countries. the current deal is handled other arbitration. the u.s. wanted to scrap that. th

fast-track that allows the president to renegotiate the nafta deal, which is a tripartite agreement, not a bilateral deal with mexico, so congress will try to reject it if they just put footed bilateral deal. presuming they do get that agreement, they have to send congress a notice 90 days ahead of any signing. that is what they were talking about. the goal has been to get a deal office onto leaves december 1, so they are really under time pressure, that 90 day clock will start taking. -- ticking. 60 days before they sign the agreement, they have to send a full text of the treaty to the agreement to congress. and as we understand it, this is only an understanding and a preliminary deal, so apparently a lot needs to be worked out and the language needs to be put together. a flat they need to do before anything happens. shery: you heard the president say -- david: you heard the president say, we did canada, that is the hard one. easier.canada will be is that right? mike: canada is our largest trading partner, so it is a big deal to get a deal with canada and it would not be good to ju

about trade. there is the potential for a breakthrough on nafta. deal does the u.s.-mexico leave canada and china, and other trade deals? trump is weighing in on expectations. let's have a quick look at some of the currencies. the canadian dollar is fairly in limbo. the foreign minister of canada is on her way to washington, talking about a modernize nafta. -- modernized nafta. we have the mexican peso as well. it is retreating this morning after initially rallying on this u.s.-mexico deal. here?does this had from -- head from here? manus: the mexican peso rallied 4.4% this year. one thing is for sure -- the markets have decided to short risk protection, the vix, u.s. treasuries, and dollar. we are ratcheting lower in terms of the speculative. there is a larger short position on these trifectas of risk indicators in the market. is this the beginning of dominoes set to cascade after the midterms? you can't read that much across from mexico into china, but could it be after the midterms, trump ratchets up his ability to do deals? at the moment, the market believes risk on. -- we ar

picture of how the industry has changed post- nafta. it's been about 25 years since nafta has gone into effect and it's been responsible for a big transformation of our industry throughout north america. a lot of folks note the increase in facilities in mexico but we've also seen an increase in presence here in the u.s. as well. we have we've seen since nafta. those go online in the u.s. eleven in mexico and one in canada. we had one more plant that was just announced last year at toyota and mazda our engaged in a joint venture. that will soon open in alabama. and then of course they just went online in south carolina just outside of charleston. nafta has been responsible for this. in creating this regional supply train. they support on that. before it's actually integrated in the finally us final finest final assembly of the vehicle. it has transformed the way we operate as an industry in this region and if you think about the global industry there are three auto producing kind of regions. if asia, give asia, europe, and north america. each one of those regions has a low-cost producing

international trade. that unless the other guy is losing, we cannot be winning. with regard to nafta talks, here's a quote from wilbur ross explaining that in the negotiations, we are trying to do something difficult, asking two countries to give up privileges they have enjoyed for 22 years without giving them anything return. that is a pretty bold statement, because in trade negotiations, both parties have to go home and sell the deal to their own legislature, and how are you going to do that if the other that is having trumpeted america one and they lost -- america won and they lost? this is a break from past practice of other administrations. finally, this is the trade balance. this is an administration that regards the trade balance as a kind of yardstick for whether or not we are benefiting from a bilateral trade relationship or whether or not a trade agreement is working, whereas economists have a very different view i will not the labor here. -- not belabor here. the issues of the day, nafta modernization. nafta is an incredibly important trade agreement for the american econo

embley. our top stories: a new nafta? president trump says he's reached agreement with mexico over a new trade deal. it has been a long time, and this is something that is very special for our manufacturers and for ourfarmers from both countries. myanmar‘s government rejects claims of "genocidal intent" made against its top generals in a un—backed report. after a muder in the germany city of chemnitz, thousands of far—right demonstrators clash with anti—fascist protesters in a second evening of violence. and the threat to the american military base on diego garcia. mauritius wants the island back and it's winning international support. the us and mexico have agreed to overhaul the north american free trade agreement, known as nafta. president trump was quick to hail the development as an important step towards an "incredible" deal that was "much more fair". but the final shape of the agreement is far from clear. canada, the third country in the treaty has not been part of the negotiations with mexico. us and american officials are due to resume trade talks on tuesday, altho

announced the united states has reached an agreement with mexico on a trade deal to replace nafta. the president made the announcement just before noon in the oval office. president trump: hello, everybody. it's a big day for trade, a big day for a country. we negotiate tough, so it is mexico and this is a tremendous thing. they used to collect nafta, we're going to call it the united states mexico trade agreement and we will get with the name nafta, that has a bad connotation because the united states was hurt very badly by nafta. for many years. but now it's a really good deal for both countries. and we look very much forward to it. and i believe the president is on the phone. henrique? you can hook them up. it's a big thing, a lot of people are waiting. >> hello. president trump: you want to put that on this phone? hello? that would be helpful. >> president trump. president trump, how are you, good morning? president trump: congratulations, we've all --ked very hard and you are you're brilliant representatives are sitting right in front of me and i thought we would congratulate each

regard to the nafta talks, he's a quote from wilbur ross explaining that in those negotiations we're trying to do something difficult. asking two countries to give up privileges they've enjoyed for 22 years without giving them anything in return. now, that's a pretty bold statement because in trade negotiations both parties have to go home and sell the deal the their own legislature, and how are you going to do that if the other party is having it trumpeted that america won and hay lost? so -- and they lost? so this is an unusual, and it's a break from past practice of other administrations. finally, there's the trade balance, and i imagine this is a topic that comes up all the time. this is an administration that regards the trade balance as a kind of a yardstick for whether or not we're benefiting from a bilateral trade relationship or whether or not a trade agreement is working. whereas economists have quite a different view that i won't belabor here. happy to come back to that. let me walk through some of the big issues of the day. nafta modernization. you know, behalf that is, i

deal with mexico. is it a redo or just a rebranded nafta? >>> and louis c.k. back on stage for the first time after admitting to years of sexual misconduct. more on that in a moment. welcome to "early start." i'm dave briggs. >> i'm laura jarrett. it is tuesday, august 28th. 4:00 a.m. in the east. it took two days and mounting pressure from all sides, but president trump has finally offered praise to senator john mccain. first, despite our differences on policy and politics, i respect senator john mccain's service to our country. the president later echoed the sentiment at the white house event. it is a move run leading veterans group symbolic, but important. >> a source familiar with the talk says the president was pushed by internal staff to deliver a more robust statement on john mccain. the president refused early requests from vice president pence to do so. >> according to "the wall street journal" the white house prodded the president for two days to release a statement. we get more from cnn's abby phillip at the white house. >> reporter: dave and laura, a day of controversy

trade deal between the u.s. and mexico. will not have to leave canada and the cold? -- nafta leave canada in the cold? ♪ >> it is good happy with us. police and the germans the of chemnitz say several people have been injured as protesters face off with counterdemonstrators/ some protesters have been wearing masks and carrying stones, according to police. tonight's unrest follows barbre protests which broke out yesterday -- far right protests yesterday after a german citizen was fatally stabbed. two suspects, a syrian and an iraqi have been arrested in connection with the killing. our correspondent joins me tonight from chemnitz where there are protests. good evening. we know that the police have said there have been some injuries. what have you been seeing? any sense that the protests are coming down? >> good evening. please tweeted that there were a number of injuries. we did see protesters throwing fireworks, stones. that is a short time ago. there were hundreds of barbre protesters in the square behind me. across the street on the side of the road were counterdemonstrators. t

picture of how the industry has changed post nafta. it's been 25 years since nafta went into effect and it's been responsible for a big transformation of our industry throughout north america and a lawful's know the increase in facilities in mexico but you've also seen an increase presence in the us as well. we have seen since nafta dean assembly facilities go online in the us, 11 in mexico and one in canada. we had one more class was just announced last year, toyota and miles done are engaged in a joint venture in a facility that will be soon opened in alabama and of course this went online in the south carolina, the south side of charleston nafta has been responsible for creating this regional supply chain and automakers in the us and mexico and canada rely on this to support and in many instances, and automotive parts can go across the border seven, eight times before it'sintegrated into a final assembly of a vehicle . so it's really transformed the way we operate as an industry in this region. and if you think about the global industry, there are really three auto producing regi

president is expected to notify congress of plans to proceed with a mexico-only deal to replace nafta. dow jones also reporting that the trump announcement is expected to suggest canada can still join a revised nafta we have not independently confirmed this dow jones reporting. but dow jones is saying the u.s.-canada talks have broken up today with no self-imposed agreement of a deadline today. that would it seem put us back to where we were earlier in the week, in which they cut a side deal with nafta in which they said they were both prepare today go ahead with a deal and leave canada out altogether. dow jones reporting now that that effort has failed and there will be no deal today. we'll expect to see something here to confirm this on the white house side at some point here this afternoon. i can imagine, that might be coming sooner rather than later, guys >> remind us something we've been discussing all week, but remind us the likelihood the u.s.-mexico bilateral deal can go ahead and be confirmed without canada >> they may vote up and down on that and they may balk at that there

make progress on a nafta replacement. anotherets on uber, half $1 billion investment as it looks to catch up in the autonomous vehicles market. prime minister theresa may says a no deal brexit can still be a success. the nasdaq above 8004 the first time ever. welcome to "surveillance." i'm nejra cehic. the s&p 500 just short of 29 hundred. the equity rally is continuing in europe. we saw it in asia, as well. the stoxx 600 up some 200 -- .2%. -- .02%. trade dominating traders minds today. pesow the mexican strengthened yesterday. we are seeing weakness in this session. still some questions over those talks and what we get with replacement of nafta. also, the yuan of interest today because we saw a stronger fixing from the pboc. we are seeing more yuan weakness in the offshore, off by 1/10 of a percent. overall, a bit of dollar strengthen the session after the weakness yesterday. on bloomberg, we will bring the afteriew with the ceo 4:00 p.m. u.k. time but for now, the first word news with taylor riggs in new york. still make u.k. can a success of brexit if it tumbles out of the europ

ditching the nafta name saying the new pact with mexico is simpler. john roberts has details tonight, from the more thon, good evening. >> good evening, white house officials tell us this is just the first shoe to drop, the president additions to a day wants to cut lines with canada. with japan, the european union and then take on china, the biggest of all. >> him i believe the president is on the phone. henrique. >> it was another oval oval ofe first, he was on speakerphone to announce a new trade deal with their neighbor to the south. >> they used to call it nafta, we will call the united states, mexico trade agreements. we'll get rid of the name nafta. it has a bad connotation because he had as it was hurt very badly by nafta for many years. >> . >> outgoing mexico president was enthusiastic as the deal is president trump, he even said he would like to give president trump a big hug. he acknowledged getting to an agreement was tough. >> very grateful mr. president . a negotiation that has taken months. it is been difficult, complex. ed has been a hard negotiation altogether. >> the bigg

. running out of time. prime minister trudeau says no nafta deal is better than a bad one. stubborn differences remain between the u.s. and canada. ugly august for emerging markets. developing economies get punished this month. will september be better? with breaking news. we are now hearing paul manafort former associate sam patten is announcing -- is now saying foreign money was paid to the inaugural committee. mr. patton also admitting to charges in a plea agreement filed in court. this relates to the investigation into mr. manafort's conviction that we got in virginia last week. now one of its former associates, mr. sam patten saying that he sees that it caused the foreign money to be paid into the inaugural committee that he is admitting to charges in a pre-agreement -- plea agreement filed in court. on patten has been charged friday with failing to register in the u.s. as a foreign agent for his work lobbying on behalf of a ukrainian political party. we are now hearing that he caused foreign money to be paid to the inaugural committee here in the u.s. we will get you more upda

rishaad: the united states ceiling a post-nafta deal with mexico, canada rejoining the talks. president trump hailing a great deal that will terminate nafta. rising optimism that trade tensions will ease, but that feeling not applying it to china. the president said there's no time to discuss a potential deal with beijing. in hong kong, i'm rishaad salamat. >> in sydney, i'm haidi. going all out. three new iphone tends on the way making the most of the edge to edge design. this is "bloomberg markets: asia" ." rishaad: getting to the headlines coming through, south korea, just coming out with their budget for the next year. trillion.let's had a quick look at what the other headlines are with regards to that. it is the biggest budget increase in something like 10 korea.or south is aimed at speeding up the economy, apparently raising the minimum wage, creating, and prodding innovative growth as well. the biggest jump since the aftermath of the global financial crisis in 2009. that's the position for korea. let's look at the states times. out saying coming they do now have a deal

trade deal with mexico. that would replace nafta. the president also speaking by phone with german chancellor angela merkel the white house says two with leaders strongly supported talks washington and brussels to remove barriers to deeper trading relationship. and president trump also spoke with with canadian prime minister justin trudeau as they too work on a trade deal. >> now attention shifts with negotiations to canada. white house economic advisor larry kudlow warning u.s. could flat on autos if a trade agreement isn't reached. >> canada cools to the table. come to the table let's make a great deal like we just did with mexico. if not usa may have to take actions. >> we're going to get more on new agreement with mexico from our own edward lawrence. >> well good cheryl and lauren a historic trade announcement between mexico and the united states. that would revise nafta so to speak, the president says that he's going to call it the united states/mexico trade agreement. this agreement has a lot of bilateral components that would stand on its own. there are some trilateral compo

-nafta deal with mexico. president trump says he will terminate the yield agreement and find a new name. canada will rejoin talks in washington. >> i am kathleen hays in new york, where it is passed 7:00 p.m. on monday. beened reproduction has met. -- model three production has been met. is there anything to rescue? yvonne: don't you love it -- it?leen: don't you love trade news in the headlines. this time, it is not china. it is mexico. president trump announcing a deal has been reached. we do not have a lot of the details. a little bit of concessions on what the u.s. wants from mexico. they certainly want a lot. canada jumping in. the minister who covers trade -- coversfor canada trade for canada. what does it mean for asia, china in particular? yvonne: the linkage may not be as positive when it comes to china. that is still the big elephant in the room when it comes to trade discussions. a lot of questions weather we have reached the end of this trade war. a lot has to happen before friday to really rejoi the nafta negotiations. kathleen: a lot of optimism and hope. a bit of a surpri

trade victory after reaching of the with mexico to replace nafta. rob: a key campaign promise of renegotiating us trade deals, john roberts break this down. >> another oval office first, donald trump with the president of mexico on speakerphone to announce a new bilateral trade deal with our neighbor to the south. >> we used to call it nafta, now we call it the united states mexico trade agreement and we will get rid of the name nafta which has bad connotation because the united states was hurt badly by nafta. >> reporter: the outgoing mexican president was as enthusiastic about the deal as donald trump was, even saying he would like to give donald trump a big hug. he acknowledged getting to it was tough. >> and negotiation that has been difficult and a hard negotiation. >> the biggest change in a trade relationship, rules of origin for cars, 75% of components used to build cars must be made in mexico or the us, 40 to 45% of auto content must be made by workers at $16 an hour. the deal increases trade in agricultural goods keeping tariffs at 0. it puts much more pressure on candi

mediclvin here in new yor city. president trump says he crafted a new deal with mexico to replace nafta. it is a win for president trump but what about canada? and what's really in that deal? critics calling out president trump raising the flags back to full staff less than two days after senator mccain's death. mccain is a frequent critic of the president. who'll take his place and be a check on this president. staying on the message. president trump welcoming the leader of kenya as to referring some countries as s-hole nations. >> they are set to talk about trades. will trump stay on the message though? >> we'll start with what the trump administration is tauting of a new trade deal with mexico. the president is on speakerphone with mexico's president making the announcement a short time ago. it could be the first step to nafta with one exception, so far canada is not apart of the agreement. >> this is a tremendous thing. this has to do, they used to call it nafta. we are going to call it united stat states/mexico's trade agreement. >> president trump, how are you? >> good morning. >>

into the night between the us and canada over the reform of nafta, the north american free trade agreement, ahead of a deadline today. president trump famously called nafta ‘the worst trade deal in the history of our country', blaming it for the loss of millions of usjobs, and made renegotiating it a campaign pledge. earlier this week he made good on part of that by striking a new deal with the other member, mexico. priya lakhani is the chief executive of century tech. lovely to see you. so, the worst trade deal at the. he seems to have pulled a blinder on this one because he has done the bilateral with mexico and canada is scrambling to get on—board. mexico and canada is scrambling to get on-board. i wondered if that had decided to do with his relationship with justin trudeau. decided to do with his relationship withjustin trudeau. this is unusual, they raised a tequila over it and now canada has until the end of today to try and join this agreement to. there is lots of negotiation going on about the chapter 19 dispute resolution in the old nafta and obviously canada is try

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that he hopes will blow up nafta. while the president is focused on what he can declare a political win, much of the country is focused on the passing of john mccain and the political consequences of an america without its maverick. as msnbc put it, it goes out saying that mccain's loss is particularly poignant at a moment in history when the grip of political partisanship seems more permanent and personal than ever. take, for example, this view of the white house right now where flags are at full-staff. and "the washington post" reporting over the weekend that the president of the united states vetoed a white house statement calling john mccain a war hero or a hero, period. over on capitol hill where flags are still at half-staff, and will remain there until mccain is buried this weekend, lawmakers begin the week without one of their most prolific and respected colleagues. senator mccain's congressional career spanned more than three decades. he was a prisoner of war, a national hero, a political giant, a republican who didn't always toe the party line but sought to build bridges a

president trump said the u.s. is withing a new trade deal mexico to replace nafta. that has been the process in which we have been engaged for the last year. >> he says some of the issues canada will need to work out directly with the u.s. are proposals over the supply management of dairy and poultry, government procurement, and new provisions for the pact. secretary saidce the door is open to canada. >> we are asking canada to consider joining in the agreement that is already been reached with mexico. that is the ask that we have. what remains to be seen, ms. how the canadian attitude is for that. >> secretary ross added that autos are the biggest source of our trade deficit with mexico. the united states is defending its position of sanctions against iran as a legal and justified national security measure. the state department legal adviser urged judges at the national court of justice at the hague today to reject iran's request to suspend the sanctions. iran says the move violates a 1955 treaty. if federal appeals court panel ruled that north carolina election map was gerryman

accomplished already on nafta. how will this affect consumers? second quarter consumer spending data came out this morning. >> good consumer numbers, consumer spending 70% of gdp. the new numbers today were in corporate profits which were up strongly for the seven-time year-over-year gain in corporate profits. that gives companies the wherewithal to increase their investment and nonresidential fixed investment was very strong in the second quarter. the u.s. economy is in great shape right now. for should portend well positive feelings about negotiations with trade. shery: the mexican agreement did not include steel and aluminum tariffs, what happens to prices in the u.s.? peter: that is one of the things both canada and mexico are concerned about. for thell do something u.s., we expect you to roll back these tariffs and canada made an excellent point, you are saying we are a national security threat to you? does not make sense. david: we get core pce numbers tomorrow, with inflation and what they do. can we have the sorts of agreements that you put restrictions, $16 per hour labor, r

nafta talks might be failing of i feel president trump want to see the auto provisions succeed, canada wants to see auto provisions succeed. this is important for labor unions and workers both in the canada and the united states. we have some tough to hammer out the next couple days or weeks but i do believe we all want to get to a deal. we'll get there eventually. there has to be compromise on every side. kristna: on that we'll leave it there. thank you so much for your insights. david: very exciting moments here. let's bring in today's market panel. jason rotman, managing partner at lido isle investors, advisors, excuse me, carl roth, future file legacy creator and former invessel banker. carol, what do you think, do we get a deal? >> she put her cards on the table, we really want to get to a deal. if you read into that the president doesn't want the comment leaked, he knows how to play the press, he certainly wanted that leak to happen. sounds to me with everything i'm hearing we're marching towards a deal. both sides will take credit saying there was some level of compromis

radically changing the name of the agreement here. listen to what he said, what he talks about nafta. listen. >> they used to call it nafta. we'll call it the united states-mexico trade agreement. we'll get rid of the name nafta. has a bad connotation because the united states was hurt very badly by nafta for many years. now it is a really good deal for both countries and we look very much forward to it. reporter: this is something that i've been reporting on your show, that the president's strategy, the u.s. strategy from sources that i've been hearing, work out a deal with mexico, take it to canada, say if you want to sign on great, if you don't we can do a bilateral deal with the two of them. you heard the president saying they will start negotiations with canada almost right away. now to your point about the amount of money that worker is going to make, the mexicans did come up to $16 an hour for a portion of the car. i don't have the exact percentage we're hearing. 40% of the car. i do have to confirm that that is what it was going into this. they could get 40% of the car making

for joining on to the white house, u.s. and mexico have reached a tentative trade r a post nafta agreement. president trump called a hays city oval office news event terminating ld be the original nafta and renaming it. president trump: they used to call it nafta. we're going to call it the united states-mexico trade agreement. we'll get rid of the name nafta. it has a bad connotation because the united states was hurt very years, y nafta for many and now it's a really good deal for both countries. way for lears the canada to rejoin the talks with -- ign minister christopher short a trip to europe to visit with washington. welcome, busy day for you. what does this deal mean for mexico, felipe? kathleen. well, this deal implies it's good news for mexico in general. specifically, when you compare t relative to what the alternatives were. main alternative was the u.s. is away ng away or walking from the north american free trade agreement that would have ad significant negative connotations for the mexican economy given the importance of countries en the two for the mexican economy.